U.S. stocks edged lower after Federal Reserve Chairman Kevin Warsh indicated that the central bank's fight against inflation was not yet complete.

The Dow Jones Industrial Average slipped 9.45 points, or 0.02%, to 53559.99. The S&P 500 fell 19.23 points, or 0.25%, to 7711.76 and the tech-heavy Nasdaq Composite lost 138.93 points, or 0.52%, to 26402.42.

The yield on the policy-sensitive two-year Treasury shot up 0.118 percentage point to 4.348%, the largest one-day gain since March. The yield on the 10-year Treasury note rose 0.050 percentage point to 4.721%. In a phenomenon known as "curve flattening," the gain on the 30-year bond yield was more modest, causing a convergence. It rose 0.016 percentage point to 5.207%.

In his address from Jackson Hole, Wyo., Warsh was more explicit about the central bank's plans than anticipated, noting that inflation was running above the central bank's 2% target and reiterating his commitment to fighting inflation down.

"The Fed's predominant focus right now should be on prices," Warsh said.

Odds of a rate hike at the next meeting in midSeptember surged on the Fed funds futures market, rising to roughly 58%.