Barclays now expects the Federal Reserve to raise interest rates by 25 basis points at its September and December meetings, reversing its previous forecast of no changes for the rest of the year. This shift follows Federal Reserve Chair Kevin Warsh's "notably hawkish" address at the annual Jackson Hole symposium last Friday, which the brokerage described as offering an implicit case for further tightening. Warsh stated that policymakers would "have work to do" if they lacked confidence in inflation returning to the Fed's 2% target, judging prevailing financial conditions as too loose and inflation as unacceptably elevated. The Fed's next policy decision is scheduled for September 16.