The stock market has staged a sharp recovery, but the Federal Reserve’s April inflation outlook threatens to cut it short before bulls can fully celebrate. The Rally Is Real. So Is the Inflation Risk. SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 3.53% over the past week and trades at $699.94, with the S&P 500 … The Federal Reserve’s April Inflation Forecast Is In, and It’s Bad News for Stock Market Bulls