By TERESA CEROJANO and MATT OTT, Associated Press

Markets on Wall Street climbed early Friday after long-awaited government data showed that inflation remained elevated but that prices rose less than feared last month. The report buttressed expectations that the Federal Reserve will offer up another interest rate cut when the central bank’s officials meet next week.

Futures for the S&P 500 rose 0.7% while futures for the Dow Jones Industrial Average were up 0.5%.

The yield on the 10-year Treasury immediately fell after the release of the inflation report, dropping to 3.97% from 4.01%.

Friday’s inflation report — released more than a week late — showed that the costs of some imported goods rose while rental prices cooled.

Consumer prices increased 3% in September from a year earlier, u

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