The cost of groceries, rent, and other living essentials went up again last month at the fastest rate in 40 years.
The June inflation report could trigger an even bigger interest rate hike than expected later this month, and the Federal Reserve may be running out of options to control inflation.
The latest inflation report isn't good news for Americans, as U.S. inflation reached 9.1% in June, a new 40-year high."And the fact that it's been going on for quite a while now really tells us that there's some fundamentally bad stuff happening in our economy," SMU economist Dr. Mike Davis said. They will likely implement another interest rate hike in the coming weeks, possibly three quarters of a percent or more, making money more expensive to borrow in an effort to bring spending down.
"We just have to anticipate that there's a great deal of volatility and uncertainty still yet to come," Marks said.
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