Cornerstone Wealth chief investment officer Cliff Hodge weighs in on the risk of a recession and the Federal Reserve’s upcoming meeting.
Wholesale prices accelerated again in May as inflation continued to hover near a 40-year high, the result of strong consumer demand, pandemic-related supply chain snarls and the Russian war in Ukraine.
The Labor Department said Tuesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, climbed 10.8% in May from the previous year. On a monthly basis, prices grew by 0.8%. Although that was slightly lower than the 10.9% forecast from Refinitiv economists, it suggests that inflationary pressures in the economy remain strong.
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