The Federal Reserve’s hawkish stance on interest rates may continue to pressure equities and bonds in the coming months.

Market expectations were met when the Fed held interest rates unchanged, but a rate increase by the end of the year and tighter monetary policy expectations through 2024 may strengthen policymakers’ hawkish posture.

Higher rates may hurt stocks and bonds, as the benchmark U.S. Treasury yield is at its highest since 2007 and could rise more if rates remain high.

The S&P 500 has struggled since late July’s high as yields rose.