U.S. stocks declined on Monday as investors reconsidered how quickly the Federal Reserve may lower interest rates. The pullback reflected growing uncertainty over whether policymakers will move soon enough to support growth or keep borrowing costs elevated for longer.

Treasury yields moved higher as traders adjusted expectations for the central bank’s next steps. Rising yields can pressure equities by making safer assets more attractive and by raising financing costs for companies and consumers.

The market move came as investors continued to parse economic signals for clues about inflation, growth, and the Fed’s policy path. Those crosscurrents have left traders balancing hopes for easing against the possibility that rates stay restrictive longer than previously expected.

Analysts said the session highlighted how sensitive markets remain to changes in interest-rate expectations. With no clear consensus on the timing of cuts, both stocks and bonds are likely to keep reacting sharply to new data and Fed commentary.