US stocks ended lower Wednesday following a two-day rally as worries about inflation mount amid the Russia-Ukraine war. 

US Treasury Secretary Janet Yellen said the annual inflation rate of 8% is "unacceptable" and the 2% inflation target for the Fed is "a suitable target."

The Organization for Economic Co-operation and Development (OECD) has lowered its global economic growth forecast from 4.46% to 3% for 2022.

Russia’s war on Ukraine and China’s lockdown measures have damaged the recovery, OECD said in a report.

On inflation, it said: “The war in Ukraine has quashed hopes for a quick end to rising inflation from COVID-19 related supply bottlenecks seen across the global economy during 2021 and early 2022.”

With those developments, the S&P 500 fell 1.1% while the Nasdaq 100 was off 0.8%.

The Dow also fell 0.8%.

The MSCI World index diminished 0.6%.

The VIX volatility index, also known as the fear index, was down 0.25% at 23.96

The yield on 10-year Treasuries gained six basis points to 3.03%.

Global oil benchmark Brent crude was trading at $124.16, up 2.9%, while West Texas Intermediate crude rose 2.7% to $122.67 a barrel./aa