Market Extra: Torrid inflation, now at 8.5%, ignites further debate in markets over where U.S. goes

Stefani Reynolds/Agence France-Presse/Getty ImagesThe first 8%-plus inflation rate in over four decades is igniting renewed debate in financial markets over whether the U.S. has already reached the height of its feverish spell in price gains.Broadly speaking, Tuesday’s consumer price index report, showing annual headline inflation jumping to 8.5% in March, was enough to give both sides of the argument some ammunition: One camp cites the report’s finer details, like a tame 0.3% monthly core...