That left the yield curve even more inverted, a signal of looming recession.
Those declines have come as the Fed has already tightened rates by 300 basis points this year.
"We might not see as strong returns in the equity markets going forward now that interest rates have been somewhat normalized."
The shape of the Treasury yield curve, where short-term rates stand above longer-term ones, supports caution as well.
Known as an inverted yield curve, the phenomenon has preceded past recessions.