By Sinéad Carew NEW YORK (Reuters) – Wall Street equities rallied and the dollar tumbled after signs of sharply decelerating U.S. inflation prompted bets that the Federal Reserve would raise interest rates at a slower pace than previously expected. While Treasury yields since regained some ground, they had tumbled after data showed consumer prices did not rise in July as the cost of gasoline fell, delivering the first notable sign of relief for Americans who have watched inflation soar over the past two years. Traders priced in a 50 basis points rate hike next month, compared with the 75 bps i…