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AP National Business

Stocks slip, yields soar on hottest inflation in 40 years

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KMIZ

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Published 9:05 AM

By STAN CHOE, DAMIAN J. TROISE and ALEX VEIGA
AP Business Writers

NEW YORK (AP) — Stocks fell Thursday as expectations build that the Federal Reserve will have to get more aggressive about removing the support it’s given the economy. The hottest inflation reading since 1982 sent the S&P 500 down 1.7% in afternoon trading. It also sent Treasury yields jumping, as traders built up bets the Fed may have to apply the brakes to the economy with a big hike in interest rates. Technology stocks were among the biggest losers, while energy companies and raw materials suppliers held up better. The yield on the 10-year Treasury topped 2% for the first time since 2019.

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