A rally that lifted US stocks from the brink of a bear market faces an important test this week, when consumer price data offers insight on how much more the Federal Reserve will need to do in its battle against the worst inflation in decades. Despite a rocky week, the S&P 500 is still up over 5% from last month’s lows, which saw the benchmark index extend its decline to nearly 20% from its all-time high. The index was recently down about 14% from its January 3 record after losing 1% in the past week. More upside could depend on whether investors believe policymakers are making progress against surging prices. Signs that inflation remains strong may bolster the case for even more aggressiv
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