People walk past the New York Stock Exchange on Wednesday, June 29, 2022 in New York. Wall Street is making only modest moves following a hotly anticipated report on inflation Tuesday, Feb. 14, 2023 as investors try to square what it will mean for the economy and interest rates.(AP Photo/Julia Nikhinson)

NEW YORK (AP) — Wall Street is slumping after a report suggested inflation may not be slowing as quickly and as smoothly as hoped. The S&P 500 was 1% lower in midday trading on Tuesday, while yields shot higher in the bond market as investors braced for the Federal Reserve get firmer on interest rates to combat inflation. The Dow Jones Industrial Average was down 417 points. Analysts said the inflation report shows the long road ahead for the Federal Reserve in getting inflation down to its 2% target. Traders upped their bets for how high the Fed will take interest rates this summer.