The Monday Mix: July 6 – 12, 2022

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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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