Federal Reserve Chairman Kevin Warsh's August 28 speech at Jackson Hole displayed a noticeable hawkish shift, emphasizing the need to monitor inflation and stating "We have work to do." This immediately reset market expectations in the CME Group FedWatch Tool for a 25 basis-point hike probability to nearly 60% at the next Federal Open Market Committee meeting, up from 35% on August 27. Veteran analyst Stephen "Sarge" Guilfoyle believes Warsh's comments indicate the FOMC will increase short-term interest rates either on September 16 or October 28, citing Warsh's view that inflation remains an ongoing problem.