Stocks Tumble as Surging Inflation Sparks Rate Hike Fears

• US stocks fell sharply after higher-than-expected March inflation data was released • Consumer prices rose 3.5% over the past 12 months, the highest annual gain in 6 months • The hotter inflation report likely delays the Fed's plans to cut interest rates this year • The 10-year Treasury yield surged past 4.5% on the inflation news, impacting loan rates • President Biden said more work is needed to lower costs for families, though some prices have fallen