US stocks fall as the 10-year US Treasury yield approaches 5% and Powell says inflation 'still too high'

• US stocks dropped on Thursday following comments from Federal Reserve Chairman Jerome Powell.
• Powell said that inflation is still too elevated and reiterated the higher-for-longer outlook for rates.
• "Does it feel like policy is too tight right now? I would have to say no," Powell said.

US stocks fell on Thursday after comments from Federal Reserve President Jerome Powell indicated that interest rates are likely to stay higher for longer.

"Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal," Powell said to the Economic Club of New York.