Inflation is acting clingy again, and the Federal Reserve is sweating
Looks like the economy didn't get the memo that we were done with price hikes.
So, the Federal Reserve got a nasty surprise this morning. Everyone thought inflation was finally cooling off, but instead, it ticked up to 3.3%. It seems we just can't quit expensive habits.
While we are all paying more for insurance and healthcare, strangely enough, we are spending a lot less on cars and gas. It is a weird mix of everyone having more cash in their pockets but everything still costing more than expected. Clearly, the math isn't mathing the way the experts predicted.
It is almost impressive how the economy manages to ruin a good mood right before the next big rate-setting meeting in September.
Source: Federal Reserve
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