Summary
- Both all-items inflation and core inflation rose faster in June than the consensus estimates.
- Will any of this alter the Federal Reserve’s commitment to ultra-low interest rates? No.
- The June inflation report offers a glimmer of hope for a small increase in the Social Security COLA in 2021.
Even though financial markets have been signaling deflationary doom in recent months, U.S. inflation rose a brisk 0.6% in June, primarily caused by a sharp rise in gasoline prices.
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Treasury Inflation-Protected Securities 