— US consumer prices were up 8.6% annualized in May, the highest rate since 1981; however, “core” inflation (minus food & energy) decelerated to 6% annualized.
— A key indicator of US consumer sentiment fell to a record low, dropping 14% in June to a reading of 50 (from 58), as rising gas prices hit pocketbooks.
— The Federal Reserve is expected to announce another 50 basis point rise in its key interest rate this Wednesday, in its ongoing effort to tamper inflation.
— Estimates for global economic growth in 2022 are down significantly vs. December; the OECD is now forecasting 3% while World Bank thinks 2.9%.
— The US monthly trade deficit fell 19% in June, as exports jumped to a record high, reversing a trend of huge increases in imports that dented 1st quarter GDP.
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