*S&P 500, NASDAQ FALL TO START THE NEW MONTH AS RISING YIELDS SPOOK INVESTORS -
and Nasdaq indexes fell on Wednesday as Treasury yields surged after manufacturing data pointed to persistent price pressures, while comments from Federal Reserve policymakers backed a hawkish policy stance for a longer period.
The two-year yield, which closely tracks short-term interest rate expectations, rose to 4.9%, its highest level since 2007. [US/] "You also got a tick up in the ISM prices paid, which means that prices generally are rising now for manufacturing. It just means that the Federal Reserve is likely to push further into restrictive territory with their policy and stay there longer."
Adding to worries, Minneapolis Fed President Neel Kashkari, a voter in the rate-setting committee in 2023, said he is"open-minded" on either a 25 basis point or a 50 basis point rate hike in March. Atlanta Fed President Raphael Bostic said monetary policy will have to remain tight"until well into 2024".
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