Kevin Warsh, identified in some reports as Fed chairman but who left the Board in 2011, addressed the Jackson Hole Economic Policy Symposium on August 23. He stated that inflation remains above the 2% target with CPI at 3.4% and the preferred measure at 3.7% for the year ending July, called for focus on price stability, and criticized forward guidance. Market odds of a September rate hike rose above 50% after the speech.