Economic Outlook for July 1, 2022

No amount of fireworks will distract from the concerns over higher interest rates and a potential recession not even lower fuel prices. - -

As we celebrate the nation’s birthday, drivers are seeing some relief in the form of lower fuel prices. AAA reports the price of a gallon of gasoline has dropped to $4.84 a penny from last week.

 The Personal Consumption Expenditures Index - the measure of inflation followed closely by the Fed - rose 0.6 percent last month.

The year-over-year rate climbed to 6.3 percent.

Without the swings brought on by food and energy prices, Core PCE held steady. - - -