(Bloomberg) Municipal bonds joined the rout in broader debt markets after the Federal Reserve indicated its intention to keep interest rates high for as long as necessary to contain inflation. Most Read from BloombergIndia Suspends Visas, Canada Pulls Diplomats Amid TensionsEx-Goldman Bankers Make a Fortune With Controversial Bet on Coal‘Dead Space’ Co-Creator Departs Startup After Newest Game FlopsCisco to Buy Splunk for $28 Billion in Giant AI-Powered Data BetIt’s Going to Be More Expensive
U.S. stocks erase morning gains and sink in the late trade, weighed by rising yields on expectations that the Fed will aggressively remove policy accommodation to counter soaring inflation.