"Inflation Surge Sinks Stocks, Dashes Rate-Cut Hopes"

US consumer prices came in higher than expected in March, leading economists to believe that rate cuts are now unlikely in the near future. Investors are now anticipating two 25 basis point cuts this year, down from the six cuts expected at the start of the year. The Federal Reserve is now expected to hold rates steady at its June meeting, with the first cut anticipated to come in September.