With inflation in the European Union reaching a record high of 8.1% in May, the European Central Bank says it’s aiming for its first rate hike in about a decade this July.
The central bank joins its global counterparts like the U.S. Federal Reserve and Reserve Bank of Australia, who are both taking aggressive action to bring down inflation in their countries.
Consumers are feeling pain at the pump AND the grocery store as manufacturers try to hide price increases through a practice coined “shrinkflation.”
To help people keep pace, the Social Security Administration signaled that a cost-of-living adjustment of around 8% will go into effect by the end of the year.
And for all of us thinking that Social Security will run out of money soon anyway…Senators Warren and Sanders put forward a proposal to increase the program’s life span by 75 years.
All eyes in the U.S. will be on tomorrow’s Inflation data, and Michigan Consumer Sentiment readings as market participants continue to assess the state of the economy. 👀