The Consumer Price Index (CPI) rose 8.2% year-over-year and is still lingering near the highest levels since the early 1980s. The persistently high inflation will likely keep the Fed on track with its aggressive rate hikes.
President Biden and other members of his administration have continued to insist a recession is still avoidable. However, Jeff Bezos, founder of retail giant Amazon.com, Inc. (AMZN), recently joined the growing chorus of business leaders who are warning the U.S. economy is spiraling toward a debilitating recession.
