Wall Street opens lower as Fed presses on against inflation

NEW YORK (AP) — Stocks are opening lower on Wall Street and Treasury yields are again bumping up against multiyear highs a day after the Federal Reserve indicated that its fight against inflation is far from over. The S&P 500 fell 1% in the early going, as did the Nasdaq composite. The Dow was off 0.6%. The yield on the 10-year Treasury note, which influences mortgage rates, rose to 4.20%. Mortgage rates have more than doubled this year. Across the Atlantic, the Bank of England made its biggest interest rate increase in three decades. European markets were lower and Asian markets closed slighlty lower.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

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