It's beginning to look very likely that the Federal Reserve will have to hike its target interest rate sooner rather than later.
The Fed's preferred measure of inflation -- the Personal Consumption Expenditures Price Index -- was published last week by the Bureau of Economic Analysis, and it wasn't pretty.
Details
According to the index, prices rose 4.1% year over year in May, and 3.4% when volatile food and energy prices are excluded. Both measures are well above the Fed's 2% target for year-over-year inflation. The Consumer Price Index, published earlier in June, had similar readings -- 4.2% year over year for all items and 2.9% excluding food and fuel.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
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