A hawkish recalibration on inflation, multiple hikes priced into the curve and back at intervention levels. The Fed may be changing the rules for FX traders. Warsh’s Fed delivers a hawkish surprise Inflation, not jobs, steals the spotlight Markets price hike as soon as October USD/JPY tests intervention territory EUR/USD vulnerable below 1.1500 The Bigger Story May Be the Yen The last time USD/JPY traded at these levels, the BOJ intervened.