All things considered, the drop in Wall Street on Friday last week wasn't too bad. Fed chair Warsh surprised with his communique and that spooked markets a fair bit. But if not for the fact that we all know that Trump might still have his hand in the Fed cookie jar, markets might have reacted much more strongly.In case you missed it: Fed's Warsh: Numbers on price stability are 'more concerning'US stocks retreated and finished near the lows but all in all, it wasn't that bad. In fact, the S&P 500 still closed up by 0.5% for the week.So far today, S&P 500 futures are down 0.2% but there's also month-end trading to deal with. So, there's that.We are likely to only get a better indication of underlying flows in the days after, but the focus will then turn quickly to key US economic data. And we won't have to wait too long as the jobs report is coming up on 4 September.After that, there will be the next CPI report on 11 September before the Fed decision comes about on 16 September.I would argue that the onus is on US data to disprove the likelihood for the Fed to stay on hold next month. Even if the odds have shifted considerably since Friday and is leaning just a little more towards a rate hike now, I reckon traders would be cautious in pushing that narrative too far.Even though Warsh isn't a fan of forward guidance, I still think he doesn't prefer to leave a rate hike signal to come down to the wire and keep markets guessing too much. But for now, we'll have to wait and see I guess.It's the first sort of build up that Warsh is working with in terms of managing market expectations. So, this will be a key test of his credentials and a statement on his communication skills.Who knows? Perhaps Jackson Hole was merely a show to try and paint his Fed in a better light amid Bessent's shenanigans and his moniker for being Trump's puppet. Come what may, everything will be revealed when the Fed has to make a decision on interest rates. After all, actions speak louder than words. This article was written by Justin Low at investinglive.com.