Hot inflation and high estimates could ruin the Q1 earnings season. Why investment chiefs are increasingly worried — and the bull case that profits are still underestimated

• Unexpectedly strong inflation and higher-for-longer interest rates have put pressure on Q1 earnings.
• Market strategists are split about whether profits will continue to support stock returns.
• Here’s a Q1 earnings season preview complete with the bull and bear perspectives.

Markets are abuzz about inflation, which surged past expectations by remaining hot in March.