Last Friday, the Consumer Price Index data for May was released, and it showed that year-over-year inflation has ticked up to 8.6%. It was predicted by economists ahead of the release of the number that that number would drop to 8.2%, slightly down from April’s 8.3%, so this was a pretty significant miss. At the same time, gas prices continue to soar, with the AAA national average for a gallon of gasoline now up to $5. These indicators have caused sell-offs in the stock market over fears of continued interest rate hikes, and the S&P 500 is now officially in the bear market territory, down about 22% from its highs. Unfortunately, administrations have little control over inflation and the price of gas, yet voters are likely to hold Democrats accountable for these poor economic metrics in November’s midterms.
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