Dow Plunges Over 700 Points as Hot Inflation Data Dashes Hopes of Imminent Rate Cuts

• Dow drops over 700 points after hotter-than-expected January inflation report • Consumer prices rose 3.1% annually in January, higher than the 2.9% economists predicted • Signals the Fed likely won't cut interest rates soon, counter to investor hopes • Job growth topped forecasts last month, indicating still-strong economic growth • Fed Chair Powell cautioned rates wouldn't be cut soon, said path forward uncertain