The Federal Reserve Bank of Kansas City's annual economic symposium in Jackson Hole, Wyoming—featuring Kevin Warsh's first speech as Fed chairman—winds down Saturday. The gathering, held each August since the early 1980s, has long served as a venue where the Fed chair signals policy direction to global central bankers, economists, and markets, and Warsh's debut appearance drew outsized attention as a result. It produced several notable takeaways for markets and policymakers.

Warsh Sets the Tone

In his keynote address, Warsh—who served as a Fed governor from 2006 to 2011 and was long known as a policy hawk before taking the chairmanship—hammered home the message that curbing inflation remains the central bank's top priority. While much of the speech reinforced his stated determination not to offer forward guidance to financial markets on the direction of interest rates, Warsh did provide fresh insight into how he views the economy. That helped ease investor frustration and added drama to the Fed's next policy meeting.

The message immediately triggered a jump in market expectations for a near-term rate increase. Following his remarks, attention shifted to the next round of consumer inflation data due Sept. 11, just days before policymakers gather in Washington on Sept. 15–16.

Although Warsh did not explicitly signal support for a hike, he warned that inflation is not meaningfully slowing and that policymakers must be confident it is; otherwise, he said, they have "work to do." Financial conditions, he added, are not restraining the economy, and he described interest rates as the Fed's "predominant tool" for achieving its mandate.

"Here is my standard: We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do. That's our job," Warsh said.

He also dispelled fears that he intends to alter the Fed's inflation goal, saying 2%, as measured by the personal consumption expenditures (PCE) price index, is a "firm, fixed target." The reassurance matters because the Fed's framework review had earlier stoked market debate over whether the target might be adjusted, and any change would reshape expectations for the path of rates.

Euro-Area Warnings

Policymakers from the euro area speaking on the sidelines of the conference also sounded warnings on inflation. European Central Bank Governing Council member Primoz Dolenc, who also heads the Slovenian central bank, told Bloomberg that resilience in the region's economy and the persistent conflict in the Middle East argue for hiking rates in September—a move widely expected by investors, with the ECB's next policy decision looming early that month.

"With the new data coming in, we see that the inflation situation doesn't resolve itself," Dolenc said.

Martin Kocher, governor of the Austrian central bank and another ECB rate-setter, highlighted that there is "more momentum" in the economy. On inflation, which analysts estimate reached 3.3% in August—still above the ECB's 2% target—he said there is "alertness, there is no complacency."

Bailey in No Rush

Bank of England Governor Andrew Bailey delivered a slightly different message, suggesting no urgency to raise rates.

"We're seeing quite subdued second-round effects. I think we've seen a softening labor market for some time now," Bailey told Bloomberg TV. "I've taken the view that I think we can watch this situation for the moment."

These were Bailey's first public remarks on monetary policy since July 30, when he voted with the majority in a 6–3 decision to keep interest rates on hold. The contrast with his euro-area counterparts underscored how differently major central banks are reading inflation pressures.

Notable Absences

Several prominent figures missed this year's gathering. ECB President Christine Lagarde and Bank of Japan Governor Kazuo Ueda skipped Jackson Hole; both plan to attend a meeting of G-20 finance ministers and central bank governors on Monday and Tuesday in Asheville, North Carolina.

The only Fed policymaker absent was former chair Jerome Powell. He bucked tradition by retaining his seat on the Board of Governors after his term as chair expired in May but, as he pledged, has since stayed out of the spotlight.

Technology Challenges

While the chair's speech and sideline chatter typically dominate headlines, Jackson Hole is also a key forum for high-level economic research. Papers presented this year centered on the theme of financial innovation and its implications for payments and monetary policy, underscoring how central banks are struggling to keep pace with technological challenges. Economists and policymakers debated the regulatory issues raised as tokenization revolutionizes how financial assets are held and transferred.

The Lisa Cook Episode

On the eve of the conference, attendees were reminded that President Donald Trump's attacks on the central bank have not entirely ceased since his appointee Warsh took the Fed's helm. The White House has renewed efforts to fire Fed Governor Lisa Cook over allegations of mortgage fraud, and on Wednesday Cook's lawyer responded with a letter calling the allegations "unfounded and untrue." The White House did not immediately comment on the letter.

Trump narrowly lost his initial bid to oust Cook at the Supreme Court, partly on procedural grounds. The episode adds to ongoing questions about the Fed's independence as Warsh begins his tenure.

This story was originally featured on Fortune.com.