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By Staff Reporters
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The Federal Reserve hiked interest rates by three quarters of a percentage point [75 bps], its most aggressive move yet to try to control inflation, as it squeezes the U.S. economy. Through interest rate increases, the Fed is attempting to raise the cost to borrow money, slow economic activity, and bring down inflation that’s at 40-year-highs.
And, as much as we love to think we’re exceptional, inflation has been afflicting countries around the globe. In an analysis of 111 countries, Deutsche Bank found that the US’ inflation rate sits roughly in the middle.
The S&P snapped a five-day losing streak (though it’s still in a bear market), and the NASDAQ soared thanks to a surge in tech shares.
US retail sales fell for the first time in five months in May, as Americans pulled back on buying cars and other expensive items.
Finally, an FDA advisory committee unanimously recommended Moderna’s and Pfizer’s COVID vaccines for children under five, which is the only age cohort in the US that doesn’t yet have an authorized vaccine.
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