Stock market news today: Fears of high interest rates hit investors

US stocks started the month of March in the red as investors continue to fear the prospect of higher for longer interest rates.

The inflation rate unexpectedly accelerated in Germany last month, and food inflation in the UK also surged, according to recent data. That's raising fears that the same thing could happen in the US. Any inflation readings that don't show meaningful deceleration raise the risk that interest rates will stay higher for longer.

The Federal Reserve is expected to hike rates at least two more times to the 5% level, but further increases could be possible.

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