As Federal Reserve Chair Kevin Warsh prepares to take the stage at 10 a.m. ET on Friday, market participants are zeroing in on three pivotal themes, according to Vishal Khanduja, senior portfolio manager at Morgan Stanley Investment Management.

First, with recent data showing inflation running above the Fed's target, investors are eager for Warsh to reaffirm his dedication to the 2% inflation goal. This commitment is seen as essential to maintaining market stability amid ongoing price pressures.

Second, market watchers want more clarity on the working group Warsh has established to address communication and data-related issues. Khanduja noted in an interview with Yahoo Finance, "We're curious whether initial groundwork has begun and what the next steps will look like."

Third, Fed observers will be listening for Warsh's perspective on broader macroeconomic matters, especially the implications of the AI boom. Khanduja highlighted the key questions, asking, "Where is the productivity growth coming from? What is his view? What metrics is the Fed monitoring, and how is it evaluating these trends?"

Despite these expectations, investors anticipate little new information on forward guidance. Unlike his predecessor, Warsh remains firm in his stance against offering explicit policy direction, as he aims to transform the central bank's approach to market communication.