0508 GMT - Federal Reserve Chairman Kevin Warsh is expected to provide a meaningful update in his Jackson Hole speech on Friday on how the Fed intends to tackle the inflation problem, particularly after the mixed messaging at the July press conference, Algebris's Gabriele Foa says in a note. "So far, the Fed has avoided providing clear forward guidance, leaving its reaction function unusually uncertain," the global credit portfolio manager says. This uncertainty is contributing to a steeper U.S. Treasury curve, with long-end yields acting as the main release valve, he says. "That runs somewhat against what [Treasury Secretary Scott] Bessent has been trying to achieve through lower long-term yields and may point to less coordination between the Fed and the Treasury than some market participants had expected," Foa says.