Stocks fall as Fed signals interest rates need to go still higher

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Decliners outnumbered gainers on the New York Stock Exchange by a nearly 2-to-1 margin. Smaller company stocks fell further than the rest of the market, pulling the Russell 2000 index 0.8% lower.Bond yields rose and hovered around multi-decade highs. The yield on the two-year Treasury note rose to 4.45% from 4.37% late Wednesday. The yield on the 10-year Treasury, which influencesThe Fed has been raising rates aggressively in order to tame inflation by applying the brakes to the economy.

“Bullard’s comments this morning suggesting that they need to get the fed funds between 5% and 7% was a surprise, to say the least, to markets,” said Scott Ladner, chief investment officer at Horizon Investments. “That certainly was a shock to folks and pushed us further down.”

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