Feb 11, 2022 NEW DELHI: US inflation hitting a 40-year high set the stage for aggressive Fed rate hikes in coming months, sending stocks from Wall Street to Dalal Street tumbling. Following the January CPI print at 7.5 per cent, St Louis Fed President James Bullard became the first FOMC participant to call for a 50 basis points (bps) hike in March. He also batted for 100 bps in tightening by early July, implying an additional 50 bps in cumulative tightening at the May and June FOMC meetings. Investors were baking in a higher US inflation print, but not a 100 bps rate hikes by July. FPI favourites IT and financial stocks led Sensex losers. New-age stocks also took a beating. At 11.7 am, the BSE Sensex was trading at 57,924.19, down 1,006 points or 1.7 per cent. The NSE Nifty50, meanwhile, stood at 17,308.50, down 297 points or 1.69 per cent.