New York CNN —Stocks soared Thursday after new economic data showed that price increases eased in October. Investors cheered the development because it indicates the Federal Reserve’s interest rate hikes may finally be cooling inflation. Meanwhile, the 10-year Treasury yield tumbled below the threshold of 4%, to about 3.85%, its lowest level since mid-October. And the 10-year itself is influenced by short-term interest rates set by the Fed. Wall Street is hoping that the data will help convince the Fed to pull back on the size and pace of its interest rate increases, which investors worry could send the economy into a recession.

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