Looking forward to the next Fed rate hike. Bond yields are rising

• Powell reiterates another rate hike needed to hit inflation target
• Fed's Bowman adds his for raising rates

Treasury yields rose as Jerome Powell backed up the recent message from a host of politicians, signaling that the Federal Reserve is not done with raising interest rates yet.

Two-year rates (  US2Y futures ), which are more sensitive to imminent Fed policy, hit their highest level since March. The dollar rose against most of its counterparts in developed markets. The S&P 500 struggled to find solid ground, while the high-tech Nasdaq 100 surged as giants like Amazon.com Inc. Apple Inc. and Microsoft Corp.

Speaking to the Senate Banking Commission on Thursday, Powell reiterated his view that it would be appropriate to raise rates twice more this year to dampen U.S. economic growth and contain price pressures. Fed Governor Michelle Bowman has added her voice to the drumbeat of officials who want to resume marching after a break in their toughening campaign last week.

The US stock market is heading for a turbulent second half of the year as the delayed effects of the Fed's aggressive monetary tightening hit the economy, according to JPMorgan Chase & Co.'s Marko Kolanovic.

“For equities, in the absence of pre-emptive Fed easing — compared to the Fed’s dots, which imply two more hikes by the end of the year — we expect a more challenging macro environment for equities in the 2nd half, with consumer sentiment easing at a time when equities were reassessing ratings. dramatically,” Kolanovic said Thursday in his semi-annual customer outlook.