Jackson Hole Fed summit live: Kevin Warsh's keynote speech comes at a pivotal moment for the Federal Reserve

The Kansas City Fed's annual gathering of central bankers, economists, and academics kicked off on Thursday in Jackson Hole, Wyo. The stakes are high for new Fed Chairman Kevin Warsh — and for markets.In the closely watched speech Friday, Warsh said inflation is running too high and should be the focus for the central bank, while laying out a strong assessment of the economy for the first time. But he held to his pledge not to provide forward guidance."We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do," Warsh said in his first speech as chairman in Jackson Hole, Wyo. "It is the Fed's job to deliver stable prices."Markets are likely to put a great deal of emphasis on Warsh's words as they remain on edge after a bond sell-off earlier this month. A subsequent Treasury intervention has raised questions about whether the market can tighten financial conditions in place of the Fed. Following the speech Friday morning, 55% of bond traders expect the Fed to raise rates at its September meeting, a jump from roughly a third on Thursday.