Considered one of the more dovish Fed members, Brainard hinted that the central bank could soon shrink its balance sheet "rapidly" in response to rising inflation. As the 10-Year treasury yield jumped to its highest level since May 2019, the tech-heavy Nasdaq was hit the hardest, logging its worst single-day session since March 7. Gold futures moved lower today, as investors weighed the commodity amid rising bond yields and lingering inflation concerns.