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President Trump reiterated his negative sentiment for higher rates, calling the Federal Reserve his “biggest threat” in an interview with Fox Business Network. President Trump acknowledged the central bank’s independence, but also derided the latest rate hikes announced by Fed Chairman Jerome Powell.

“It’s independent so I don’t speak to him, but I’m not happy with what he’s doing, because it’s going too fast,” said President Trump.

The Dow Jones Industrial Average fell over 300 points in the early session as the ebbs and flows of volatility showed up with the index erasing its previous losses to post a mild gain before settling for a 90-point loss at the close of the market.  Treasury yields followed the rise in U.S. equities as the benchmark yields edged higher, highlighting the confluence between the stock and bond markets that have been seen as of late.

Treasury note yields received the brunt of the blame for last week’s stock sell-off as benchmark notes went on a weeklong ascent, pushing to new highs that caused investors to fret. Today, benchmark yields ticked lower in the early trading session before rising as stocks pared down its early losses–the 10-year note edged higher to 3.199, while the 30-year note went up to 3.364.

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