Get ready for a nasty inflation report

A new inflation reading is due out Tuesday morning, and it looks to be a doozy. The Consumer Price Index for March will reflect the surge in energy prices tied to the war in Ukraine, which is likely to push the headline number to yet another multi-decade high.

Why it matters: The biggest question facing the economy now is whether inflation will come down on its own, or require such aggressive Federal Reserve action as to bring a recession. The new numbers will provide fresh evidence of which reality we're living...