By Liz Moyer
Investing.com -- U.S. stocks fell early on Thursday as Treasury yields rose after the suggestion the Federal Reserve wasn’t close to ending its interest rate increases to stop inflation.
The 2-year Treasury yield rose to 4.446% while the 10-year Treasury yield rose to 3.777%. St. Louis Fed President James Bullard said the central bank’s policy rate hasn’t yet reached “a zone that may be considered sufficiently restrictive.”
The Fed has raised its benchmark rate by 0.75 percentage point at each of its last four meetings and is widely expected to raise again at its December meeting, though possibly at a smaller half-point increment.
Shares of Macy’s, Inc. (NYSE:M) rose 12% after the department store chain raised its full-year profit outlook, while Kohl’s Corp. (NYSE:KSS) shares rose 3.9% after it withdrew its own sales and profit forecasts.