Futures drop as rate concerns keep Treasury yields elevated

Pressuring equities, the benchmark two- and 10-year Treasury yields have scaled multi-year highs after the Fed's hawkish longer-term rate outlook, a stance also projected by other major central banks. Minneapolis Fed President Neel Kashkari on Monday noted the need for raising borrowing costs to tame inflation in light of a surprisingly resilient economy, while Chicago Fed chief Austan Goolsbee in a CNBC interview said inflation above 2% target remains a greater risk than the scope of a slowing economy.