NEW YORK (AP) — Stocks fell on Wall Street and bond yields rose Wednesday after Federal Reserve officials signaled they may start easing off the accelerator on their massive support for markets and the economy earlier than previously thought.

The S&P 500 fell 0.5% after a highly anticipated set of projections by Fed policymakers showed some see short-term rates rising half a percentage point by late 2023.

The Fed's chair also said the central bank has begun talking about the possibility of pulling back on its $120 billion in monthly bond purchases meant to keep longer-term rates low.

The yield on the 10-year Treasury note rose to 1.56%.