Warsh Warning: Rate Hikes Loom as Inflation Target Remains Elusive

The US stock market ended the week on a high note, thanks to strong earnings from Nvidia and a decline in oil prices.

However, at the Jackson Hole economic conference, Kevin Warsh, a former Fed governor, reiterated the central bank's commitment to its 2% inflation target and cautioned that further rate hikes are possible if inflation doesn't return to target 'clearly and at sufficient speed.'

This warning from Warsh led markets to price in a 60% chance of a rate hike at the September Fed meeting.