IN THIS ISSUE:

1. US Inflation Highest in 13 Years As Prices Surge 5%

2. Fed Still Says Price Rise “Transitory” & Will Normalize

3. The Supreme Court Seriously Reins in the IRS – Good!

Overview

We’ll touch on several bases today. We begin with last week’s surprising report on inflation in May, which saw consumer prices rise the most in 13 years. For the year ended in May, the CPI surged at an annual rate of 5%, well above the pre-report consensus.

As I’ve explained in recent weeks, a big part of the recent increase in inflation is because we are coming off some extremely low inflation readings from this time last year during the COVID recession. The question is whether the latest jump in May is more than the calendar-effect or is it truly just “transitory,” as the Fed would have us believe?

Finally, we’ll look at a recent key ruling by the Supreme Court which significantly reigns in the Internal Revenue Service. This landmark decision (in my opinion) has received almost no coverage by the mainstream press, so I want to make sure my clients and readers know about it. Let’s get started.