Fed's Warsh faces rate-rise calls at Jackson Hole

US Federal Reserve Chair Kevin Warsh is due to open the Jackson Hole central banking conference on Friday as investors look for signals on interest rates and some Fed policymakers call for increases.

Warsh, appointed by US President Donald Trump and in office since May, is scheduled to speak at 8:00 am local time in Jackson Hole, Wyoming. The annual gathering is closely watched by central bankers, economists and investors.

Since taking office, Warsh has avoided giving guidance on the direction of US interest rates and has declined to share detailed public views on the economic outlook. Analysts said markets wanted more clarity but did not expect a major shift in his communication style.

Gregory Daco, chief economist at EY-Parthenon, said Warsh was unlikely to become "a great communicator" suddenly. He said the speech was likely to remain abstract, with a focus on reforming the Fed regime and correcting past mistakes.

The Fed's preferred inflation gauge stood at 3.7 percent on Wednesday, down 0.4 percentage points from May but still above the central bank's long-term two-percent target. The majority of the Fed's rate-setting committee held rates steady at its July meeting, while a quarter of voting members have called for higher rates.

Cleveland Fed President Beth Hammack, one of the dissenters, told CNBC in Jackson Hole on Thursday: "I believe now is the time to act." She said the longer inflation stayed above target, the harder it would be to bring it down and the more pain individuals and businesses would experience.

Hammack also pushed back against communicating less, saying transparency and accountability went with central bank independence.

Bernard Yaros, lead US economist at Oxford Economics, said markets wanted to hear how Warsh viewed the economic outlook but that investors were not expecting him to be forthcoming.