Stock-market gains evaporated and bond yields retreated as Federal Reserve Chair Warsh delivered remarks that fueled expectations for a September interest-rate hike, according to MarketWatch.

Warsh spoke in Jackson Hole, Wyoming, where he said he remains frustrated with the overall inflation trend, according to CNBC.

Markets now view a September rate hike as likely following the address, according to MarketWatch. CNBC reported that hike odds rose after the speech, with the September decision now described as a coin flip.

U.S. stocks were mostly lower in the final hour of trading after Warsh’s comments fueled the rate-hike expectations, according to MarketWatch.

Sources: MarketWatch, CNBC

This article is for information only and is not financial advice.