Inflation Jumps Again While Geopolitical Tensions Lift Oil and Gold, Weighing on Stocks and Housing Market
• Inflation rose more than expected for the 3rd straight month in March, leading investors to slash expectations for Fed interest rate cuts
• Geopolitical tensions sparked a surge in oil and gold prices amid fears of an imminent Iranian attack
• Major banks slightly beat earnings estimates, but negative sentiment still dragged stocks down
• Mortgage rates jumped to 6.88% as inflation pushed up Treasury yields, worsening housing affordability
• Confidence faded in Tesla CEO Elon Musk due to stock drops and scrutiny of his divided focus across ventures