The Grand Teton National Park surrounding Jackson Hole is home to some of America’s rarest wildlife, including mountain lions and jackrabbits. But those closely watching the economic symposium there today will be hoping to spot something far more elusive—clear direction from Kevin Warsh.

The new Federal Reserve chairman has been deliberately quiet when it comes to policy communication since taking the role in May, getting rid of forward guidance. The market is becoming antsy and wants to hear if the central bank is likely to hike rates this year as it battles to tame stubbornly high inflation.

Ahead of Warsh’s keynote speech at 10 a.m. Eastern time, stocks were losing some of their Nvidia earnings boost. That’s after chip designer and optical networking supplier Marvell’s solid earnings didn’t have the same effect as the world’s most valuable company. But both strengthen the case for the AI trade to keep booming.

But Warsh is a threat to that in the short term. Jackson Hole and the stock market have another thing in common—there are plenty of bears lurking about.

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