The Globe and Mail reports in its Friday edition that Canada's main stock index posted its biggest decline in one year on Thursday as the U.S. Federal Reserve's hawkish stance added to investor worries that higher borrowing costs will derail economic growth. A Reuters dispatch to The Globe say that the S&P/TSX Composite Index was down 423.07 points at 19,791.62, its biggest decline since September, 2022. Wall Street also was down sharply, though not quite to the same degree. All three major U.S. stock indexes tumbled more than 1 per cent as benchmark U.S. Treasury yields touched a 16-year peak. Canadian bond yields also climbed to fresh highs. Interest-rate-sensitive megacaps, led by Amazon, Nvidia, Apple and Alphabet, dragged the S&P 500 and the Nasdaq to their lowest closing levels since June. The moves came the day after Fed chairman Jerome Powell warned inflation still has a long way to go before approaching the central bank's 2-per-cent target. On Wednesday, at the conclusion of its two-day monetary policy meeting, the central bank left the Fed funds target rate unchanged at 5.25 per cent to 5.5 per cent, as expected. Economic projections show interest rates will remain elevated through next year.