Stock market today: Dow, S&P 500, Nasdaq moderate as markets digest Warsh's Jackson Hole speech

In his first keynote address in Jackson Hole as Federal Reserve chairman, Kevin Warsh is set to say that with inflation running above 2%, "the Fed's predominant focus right now should be on prices."

"One of these measures are perfect, but they all tell a similar story: Inflation is running above our 2% target," Warsh will say, per a copy of his speech released by the Fed. "So the Fed's predominant focus right now should be on prices."

The most recent PCE inflation reading — the Fed's preferred metric for price change — showed that the 12-month change in prices stands at 3.7%, with the so-called core annual measure reading at 3.3%.