0541 GMT - Fed Chair Warsh's message in Jackson Hole was that "markets, not the Fed, should be doing the forecasting, and investors waiting for a pre-committed reaction function will be waiting through his entire term," says CIFC Asset Management's Natalia Lojevsky in a note. Front-end rates remain the primary tool in Warsh's framework, with the balance sheet and other crisis-era measures held in reserve rather than treated as standing policy, the managing director says. Warsh, however, gave the hawks real material too. "Inflation remains persistently above target in his own account, and he left the door open to moving on it." The market's reaction, with short-end yields rising and long yields easing, was "a classic bear-flattener as investors priced a firmer near-term path without losing confidence in the long-run inflation story."