Stocks began their slide following comments from Fed Chairman Jerome Powell, who was speaking at a Wall Street Journal event. “Today we’re still a long way from our goals of maximum employment and inflation averaging 2% over time,” Powell said. The Fed chief added that the recent surge in bond yields “was something that was notable and caught my attention.” The 'wait and see' message sent bond yields north and stocks south, underscoring the fact that investors anticipate more robust growth and higher inflation coming out of the pandemic.