Kevin Warsh's first Jackson Hole keynote on August 28 as Fed Chair centers trader attention on his "regime change" agenda, including a shift away from forward guidance and market-dependent signaling. Recent July comments signaled intent to address long-term structural forces shaping monetary policy rather than quarter-point moves or September FOMC hints, while stressing independence from prevailing Treasury yields and asset prices. This follows Warsh's May 2026 swearing-in and shorter FOMC statements that have already reduced communication frequency. Markets price in potential hawkish surprises on inflation targeting or balance-sheet policy, with the speech's proximity to the September 16 decision amplifying sensitivity to any framework details or Treasury-Fed Accord references.