September rate hike is a data call. After Kevin Warsh’s Jackson Hole speech last Friday, more Fed officials have spoken this week. The message across the Committee is increasingly clear: the September decision will be driven almost entirely by the next jobs and inflation prints, with the August jobs report due on September 4 and the August CPI report due on September 11. Warsh’s view alone tells us very little about September. The real question is what the next payrolls and inflation data do to the FOMC vote.(BloFin Research)