Shares of power producers slid as Treasury yields rose while Fed officials remain patient on interest rates.

The Federal Reserve is ready to hold interest rates steady for as long as it takes to get inflation down to its 2% annual target, Minneapolis Fed President Neel Kashkari said, and it could even increase them should price growth appear to be re-accelerating.

"I've been asked many times when we take potential interest rate increases off the table," Kashkari said, speaking at the Barclays-CEPR International Monetary Policy Forum in London. "I don't think anybody has formally taken them off the table."

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(END) Dow Jones Newswires

05-28-24 1704ET