People walk past the New York Stock Exchange on Wednesday, June 29, 2022 in New York. (AP Photo/Julia Nikhinson)

NEW YORK (AP) — Stocks are falling on Wall Street after the head of the Federal Reserve warned it could speed up its economy-rattling hikes to interest rates if pressure stays high on inflation. The S&P 500 was 1.6% lower in Tuesday afternoon trading. The Dow Jones Industrial Average fell 560 points. They had been nearly flat just before Fed Chair Jerome Pokwell said the central bank is ready to get more aggressive on rate hikes if warranted. Treasury yields also swung following the comments, which were made in Powell’s testimony before a Senate committee. The two-year yield is near its highest level since 2007.