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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PALO ALTO, Calif. — Tavita Pritchard begins his tenure as Stanford’s head coach Saturday when the Cardinal host Hawaii in a season opener carrying extra weight for a program looking to end a stretch of five straight losing seasons.

Kickoff is set for 7 p.m. Eastern time at Stanford Stadium, with the game airing on the ACC Network. Pritchard, 39, takes over his alma mater after 13 seasons on the Stanford coaching staff, hired last November by Andrew Luck, the program’s former star quarterback who now serves as general manager. Pritchard replaces Frank Reich, who led Stanford to a 4-8 record last season as interim head coach.

Pritchard’s own history with Stanford includes one of the most celebrated moments in the program’s football history. As a redshirt sophomore quarterback making his first career start on Oct. 6, 2007, Pritchard led Stanford to a stunning 24-23 upset of No. 2-ranked Southern California, at the time a 41-point underdog, capped by a 10-yard touchdown pass to Mark Bradford with 49 seconds remaining. He later lost his starting job to Andrew Luck before his playing career ended in 2009, after which he immediately transitioned into coaching roles on the Stanford staff.

Hawaii enters Saturday’s rematch on an upward trajectory under fifth-year head coach Timmy Chang, who guided the Rainbow Warriors to a 9-4 record last season, their best mark since going 10-5 in 2019. That breakthrough followed three seasons in which Hawaii won just 13 games combined under Chang, a former Rainbow Warriors quarterback and program legend. Chang signed a contract extension through the 2030 season earlier this week, though he said his attention was fully on Saturday’s matchup. “I think you prepare for everything, and then you adjust as it goes,” Chang said. “But really, football is football. We got to tackle, we got to throw the ball and catch balls.”

Chang and Pritchard are two of four Polynesian head coaches currently in the Football Bowl Subdivision, and Chang offered praise for his counterpart ahead of the game, calling Pritchard a “great coach, great player” and “great leader” as both programs look to build toward bigger goals this season, according to comments reported by Hawaii Sports Radio Network.

This marks the first time Hawaii and Stanford have played each other in consecutive seasons, and the first time the two programs have met at Stanford Stadium, with all five of their previous meetings having taken place in Honolulu. Hawaii earned its only win in the series last season, a 23-20 victory in the 2025 opener in which the Rainbow Warriors erased an early 10-point deficit before Kanzei Matsuzawa connected on a game-winning field goal, one of three he made that day.

Hawaii quarterback Micah Alejado, a sophomore, enters this season with rising expectations after earning All-Mountain West honors as a freshman, throwing for 3,106 yards and 24 touchdowns against nine interceptions while finishing eighth nationally in passing yards per game at 282.4. Alejado said he’s looking for a cleaner start against Stanford after last year’s slow beginning. “Last year, we came out really bad,” Alejado said. “I gave up a sack for a touchdown. We gave them 10 points.”

Stanford, meanwhile, turns to Davis Warren at quarterback after his transfer from Michigan, where he missed the entire 2025 season recovering from a torn ACL. Warren will be working behind a Cardinal team looking to reset its identity under new offensive coordinator Terry Heffernan and defensive coordinator Kris Richard, both also entering their first seasons in Palo Alto alongside Pritchard.

Vegas has installed Hawaii as a 5.5-point underdog for Saturday’s game, a line that reflects both Stanford’s home-field advantage and the uncertainty surrounding a new coaching staff, even as the Rainbow Warriors arrive with more established continuity after their breakout 2025 campaign. Hawaii went just 2-3 on the road last season en route to its nine-win finish, a split that adds some question marks to how the team will perform away from Honolulu, even against a rebuilding Stanford squad.

Radio analysts covering the Hawaii program have cautioned against assuming Saturday’s game will be an easy measuring-stick win for the Rainbow Warriors despite Stanford’s recent struggles, noting that the Cardinal remain a Power Four program playing at home with returning talent and its own ambitions of turning the corner under Pritchard. For Hawaii, the matchup offers an early opportunity to show whether last season’s improvement under Chang was the start of a sustained climb or a high-water mark that will be difficult to replicate against tougher competition.

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