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The US Bureau of Labor Statistics (BLS) revealed Wednesday that the 12-month inflation rate jumped from 3.2% in February to 3.5% in March. The 12-month core inflation, which excludes food and energy prices, remained at 3.8%.

The US Bureau of Labor Statistics (BLS) revealed Wednesday that inflation dumped from 3.2% year-over-year in February to 3.5% in March. The 12-month core inflation, which excludes food and energy prices, was 3.8%.

Following the report, which showed gasoline and housing accounted for half the price hike, the Dow Jones stock market index dropped by over 500 points.

Following the report, which showed gasoline and housing accounted for half the price hike, the Dow Jones stock market index dropped by over 500 points, or 1.3%. The S&P 500 and Nasdaq fell 1% each.

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Stocks of tech companies Microsoft, Amazon, and Apple all dropped by about 1%, with Bank of America falling 2.4%, Wells Fargo 1.3%, and JPMorgan Chase down 1%. 10-year Treasury yields, which correlate to mortgage and loan rates, rose to 4.5%.

The news prompted analysts to assume the Federal Reserve (Fed) won't be cutting its benchmark interest rates at it next meeting in June. The rates, which currently sit at between 5.25% and 5.5%, are aimed at bringing the nation's inflation rate down to the 2% target.

JPMorgan's Jamie Dimon sounds alarm about possible worst risks to U.S. since WWII

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JPMorgan's Jamie Dimon sounds alarm about possible worst risks to U.S. since WWII

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