Inflation and rate cut worries dominated the market action. The March CPI showed no improvement for the monthly inflation rate and a slight uptick in the year over year rate, which triggered a large market sell off on fears there would be no rate cuts from the Fed. Other inflation reports later in the week showed similar trends, although the absolute levels remained near or below the Fed’s 2% target. These provided some short-term relief. However, on Friday, several large US banks reported earnings and warned of muted future income due to the high interest rates raising their cost of money. That led to a substantial 475 point sell off in the Dow Jones Industrials and banks and other “value” sectors, in particular. Bond yields rose on the same fears which added further downward........ (click for more)