1. The Fed's preferred inflation measure set a new 40-year high in June

    The Fed's preferred inflation measure set a new 40-year high in June

    Another key measure of inflation set a fresh 40-year high in June, a month marked by record-high gas prices.

    The Personal Consumption Expenditures price index, which measures the change in the prices of goods and services purchased by consumers, rose by 6.8% in June as compared to the same period last year, according to data released Friday by the Bureau of Economic Analysis.

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