Nick Timiraos analyzed that Kevin Warsh's first keynote speech at the Federal Reserve's annual economic symposium was more significant than it would have been weeks ago. His July press conference had previously raised questions about his commitment to inflation, while the Treasury's unexpected debt management adjustments to prevent an AI-related borrowing surge from pushing up term premiums also raised further questions about the emerging fiscal and monetary regime. Kevin Warsh's speech will be directed at markets and Federal Reserve colleagues who are seeking to understand what the regime change means for the core question facing the Federal Reserve—whether inflation stems from one-off shocks or an overheating economy.