us stocks tumbled out of the gate monday as financial markets continued to reel from a surprise acceleration in inflation just days ahead of a federal reserve interestrate decision a close below 383725 which marks a 20 pullback from the sp 500s jan 3 record close would confirm a bear market for the largecap benchmark seesp 500 trades in bearmarket territory what investors need to know fridays news showing the consumer price index shooting to a fresh 40year high of 86 yearoveryear has caused investors to reassess how high the fed will go in raising interest rates in addition to speculation that the fed may lift interest rates as much as 75 basis points on wednesday the yield on the 2year treasury has climbed to 320  up from 280 on thursday sentiment has changed dramatically as market participants have realized that we have a galloping food crisis due to russias tactics in ukraine china could very well move in and out of lockdowns for months causing global supply shocks and a recession is now very likely as the only option to kill demand and inflation said peter garnry head of equity strategy at saxo bank the tightening isnt limited to the us last week the european central bank suggested it could follow up a quarterpoint rate hike in july with a 50basis point move in september as the bank of england also readies another rate hike this week the fallout has been stark in cryptocurrencies with bitcoin extending its weekend plunge to trade below 25000 the crypto lending platform celsius network has suspended withdrawals and transfers readbitcoin tumbles through 24000 in crypto crash this chart shows how much worse a selloff could get the unprecedented move by celsius is effectively blocking clients from accessing their assets which will do little to quell fears from critics that some defi platforms could be ponzi schemes said nigel green chief executive of financial advisor devere group sign up for the premarket need to know newsletter