U.S. equities fell on Wednesday, the last trading day of May, as a drop in the financials sector pressured stocks.
The Dow Jones industrial average fell about 20 points, with Goldman Sachs contributing the most losses. The S&P 500 fell 0.05 percent, with financials falling 0.8 percent to lead decliners.
The Nasdaq composite dropped 0.1 percent.
"A lot of people assumed they'd raise in June and September, but now I'm hearing it may be June and December. A lot of things are getting pushed back," Thomas said. Also, "Treasurys are suggesting a much different environment" than stocks.
Treasury yields have fallen sharply from where they began trading in 2017. On Wednesday, the benchmark 10-year yield hovered near 2.19 percent; it began the year near 2.5 percent.
Komal Sri-Kumar, president of Sri-Kumar Global Strategies, said the pullback in equities on Wednesday and Tuesday is reflective of "a confluence of unfavorable factors."
"There is little indication that the US economy will reach its 3% growth this year, reform of health care and taxes remains a dream, and there are no projects as destinations to accept a surge in infrastructure spending," he said. "Inflation figures continue to run well below the Fed's targets as we found out earlier this week."
Also raising concerns about inflation was the Fed's Beige Book — a summary of economic conditions in the U.S. by Federal Reserve district — which