When Federal Reserve Chairman Kevin Warsh delivers his speech at Jackson Hole, Asia markets will have closed up shop for the day. But what he says, and what he doesn't, will likely set the tone for equity, bonds and currencies next week.

Strategists said investors were approaching Jackson Hole “on the back foot."

Federal Reserve Chair Kevin Warsh delivers his first Jackson Hole address on Friday with long-term borrowing costs elevated, inflation above target and the US Treasury already…