The former Fed governor's strategic positioning could determine who leads the world's most powerful central bank through its next crisis.

In his first Jackson Hole speech, Kevin Warsh says underlying inflation hasn't improved, sending bond yields up and putting a September hike in play.

With inflation at 3.7% and financial conditions not restrictive enough, the Fed chair is signaling that rate hikes may be back - and the next meeting is weeks away.

Former Fed governor Kevin Warsh's latest remarks hint at a more hawkish pivot, raising stakes for investors and borrowers.