Morgan Stanley expects the Fed to keep rates unchanged, despite Chair Kevin Warsh’s hawkish Jackson Hole speech. The bank forecasts August core CPI at +0.23% MoM and core PCE at +0.20%, supporting patience. PCE revisions could also lower annual core inflation to around 3.1% from 3.3%, suggesting Warsh’s rhetoric likely preserves policy flexibility rather than signaling an imminent hiking cycle.