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JACKSON HOLE, Wyo.—

Federal Reserve Chairman Kevin Warsh signaled the central bank may not be done fighting inflation with higher interest rates. 

The remarks were his most substantive since he took over this spring, and investors took them as a sign the Fed is more likely to raise rates. Warsh said he saw little sign that borrowing and lending conditions were restraining the economy, and that better inflation readings this summer hadn’t convinced him the underlying trend was improving.

“We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do,” he said Friday in his first speech as Fed chairman, a highly anticipated debut at the Kansas City Fed’s annual symposium in Wyoming.

Traders raised the odds of a rate increase next month to around 60% from 35% on Thursday. Warsh himself stopped short of that, offering no hint about the Fed’s next move, in keeping with his approach to how the central bank should communicate less. “I stand here today committed to a discipline, not to a decision,” he said.

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