Stocks Tumble as Surging Inflation Spurs Fears of Delayed Fed Rate Cuts
• US stocks fell sharply after higher-than-expected March inflation data • Consumer prices rose 3.5% in the past 12 months, the highest rate in 6 months • Investors worry higher inflation will delay Fed rate cuts hinted at for this year • The 10-year Treasury yield surged to near 4.5% on inflation and rate hike concerns • Investors await more Fed clues from March meeting minutes being released today