Expect inflation to be consistent 'next 2-3 years' - advisor

STORY: Adding to worries on Wall Street, data showed the personal consumption expenditures price index - the Fed's favored measure of inflation - shot up 0.9% in March after climbing 0.5% in February.

The Fed is set to meet next week, with traders betting on a 50-basis-point rate hike to combat surging inflation.