Inflation in the US surged more than expected over the past 12 months, signaling a worsening outlook for inflation and cementing the likelihood of more frequent interest rates hike this year. The consumer price index for January, which measures the costs of dozens of everyday consumer goods, rose 7.5% compared with a year ago. It was the highest reading since February 1982. Rate-sensitive tech stocks were hit especially hard. The Nasdaq declined more than 2%. Government bond yields rose sharply, with the benchmark 10-year Treasury note touching 2%, its highest since August 2019.

For more on US inflation, we were joined by David Madden in London. He's market analyst at Equiti Capital.

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