New Fed Chair Kevin Warsh's hawkish Jackson Hole speech triggered market repricing of rate-hike odds, but analysis reveals the true intent is "jawboning"—using forward guidance and strong rhetoric to tighten financial conditions without actual rate moves. Key implication for Thailand: widening US-Thai yield spreads and stronger dollar will pressure baht depreciation and emerging-market asset valuations in the near term. The case shows how precise communication can substitute for actual policy tightening—a potential tool for Bank of Thailand amid ongoing recovery challenges.