Stocks tumbled in the U.S. and Europe as investors grew increasingly concerned that the Federal Reserve and other central banks are willing to risk a recession to bring inflation under control. The S&P 500 fell 2.5% Thursday, erasing its gains from early in the week. The tech-heavy Nasdaq composite lost 3.2% and the Dow gave back 2.3%. A day earlier, the Fed said interest rates will need to go higher than previously expected in order to tame inflation. The yield on the two-year Treasury note, which tracks expectations for Fed moves, rose to 4.24% from 4.21% late Wednesday.
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