There has been a flurry of dire press reports regarding the June CPI-U (measure of inflation) climbing to 9.1% (as compared to an ideal rate of 2%). Consequently, the Federal Reserve continues several aggressive interest rate hikes, which now have driven the Effective Federal Reserve rate to a 1.62% monthly average, with several additional increases expected. One needs to go back to February of 2020 to see fed rates (1.58%) just below where they sit now — and prior to a brief two-month recession. And of course, it’s the fear of causing a recession that has the Fed carefully considering the amount of each rate hike — with the next one anticipated in September.