- Stocks and long-dated treasuries continued to fall after minutes from the latest Federal Reserve meeting revealed that officials were laser-focused on containing inflation.

- The S&P 500 finished 1% lower, while the tech-heavy Nasdaq 100 fell 2.2%, as the minutes indicated that the US central bank is prepared to raise rates sharply and reduce its balance sheet to cool the economy.

- The commentary was largely consistent with what Fed officials have said in recent days, indicating a willingness to raise rates by 50 basis points at the May meeting and begin winding down the balance sheet as soon as possible. The 10-year Treasury yield increased to 2.6%, while the two-year rate fell to 2.49%.

- Traders had predicted that the Fed would raise interest rates by 225 basis points by the end of the year, in addition to the 25 basis points already delivered in March. The Fed hasn't tightened so much in a single year since 1994, a notoriously tough year for bond investors that included a 75 basis-point hike.

- Consumer discretionary and technology stocks led equity losses, with investors flocking to traditionally defensive companies such as utilities, real estate, and consumer staples. The dollar strengthened against its peers, while crude oil fell further in New York.

- Russia's growing isolation as a result of the Ukraine war only adds to concerns, as disrupted commodity flows could further pressure price increases. New sanctions against Moscow are expected. Previously, Russia's finance ministry stated that a Eurobond payment was made in rubles after foreign banks refused to process coupon payments, raising the prospect of a technical default.