The Globe and Mail reports in its Tuesday, Aug. 25, edition that Federal Reserve chair Kevin Warsh's debut speech at the Jackson Hole conference is significant as traders seek guidance on rising bond yields and reassurance of his independence from the Trump administration. A Reuters dispatch to The Globe reports that Mr. Warsh plans to await recommendations from five task forces before outlining his plans. Meanwhile, markets are urging the Fed to increase interest rates due to United States inflation exceeding the 2-per-cent target for over five years, raising concerns among his colleagues about the Fed's credibility. Peterson Institute for International Economics president Adam Posen says, "Both the bond market and the FOMC have clearly decided to wake up" to account for higher inflation and what promises to become "a secular, multiyear uptrend in interest rates." Mr. Posen says Mr. Warsh needs to dwell less on the long-term ideas he wants to pursue and more on how the Fed is evaluating the economy in the here and now along with the implications of recent global market developments. He believes Mr. Warsh should say, "There is reason to consider a hike in coming months if data does not change."