U.S. equity markets posted their worst week in a year while benchmark interest rates surged to five-month highs as investors monitored an intensification of Middle East tensions and an acknowledgment from Federal Reserve officials that recent inflation data will likely delay rate cuts. Inflamed by resurgent energy prices and insatiable Federal government spending, Fed Chair Powell acknowledged a stalling-out of inflation progress in recent months and noted that it will "likely take longer than expected" to cut interest rates.