Fed Holds Rates Steady, Stocks Rally Despite Persistently High Inflation

• Fed leaves interest rates unchanged at 5.25-5.5%, still plans 3 rate cuts this year • Inflation remains high - consumer prices rose 3.2% annually in February • Stocks rally on news - S&P 500 tops 5,200 for first time, major averages at records • Oil prices ticking up - WTI crude over $80/barrel, gas prices now $3.52 a gallon • Treasury Sec. Yellen admits prior "transitory" inflation comments were wrong