Stocks fall broadly on Wall Street as inflation worries grow

As the day progressed, the Standard & Poor's 500 index went from being up 1.2% to down 2.4%.

On Thursday, major U.S. indexes reversed early morning losses to record their largest rebound in years.

Financial market participants have been searching for any indication that the Federal Reserve would slow the pace of its interest rate hikes.

The central bank has hiked its benchmark interest rate five times this year, three times by three-quarters of a percentage point.

Consumers upped their inflation predictions in a Friday University of Michigan poll.

Before the release, the 2-year Treasury rate jumped to 4.51% from 4.40%, reflecting Fed forecasts.

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