Wall Street falls as report shows US inflation still red hot

NEW YORK (AP) — Stocks are falling and bond yields are snapping higher after a hot reading on inflation led investors to anticipate a big increase in interest rates at the Federal Reserve’s meeting next month. The S&P 500 fell 1% and the yield on the 10-year Treasury went as high as 2%, a level it hasn’t seen since August 2019. Consumer prices soared 7.5% in January, the highest rate in four decades and more than economists expected. A recent burst of inflation has been hammering America’s consumers and businesses, wiping out pay raises and reinforcing the Fed’s decision to start raising rates from their historic lows.