NEW YORK (AP) — Stocks slumped and bond yields moved sharply higher after a hot reading on inflation led to greater expectations that the Federal Reserve will have to move forcefully to cool down the economy by raising interest rates.

The S&P 500 gave back 1.8% Thursday and the yield on the 10-year Treasury jumped above 2% for the first time since the summer of 2019.

That came after the government reported that consumer prices jumped at an annual rate of 7.5% last month, the fastest pace since 1982.

The big swings marked a return of the volatility that has shaken markets in recent weeks.