Inflation Hits Three-Year High -- But Falling Oil Prices Could Bring Relief

The Federal Reserve's preferred inflation gauge, the PCE, rose to 4.1% in May — its highest level in over three years — though falling oil prices below $70 a barrel may offer some relief in the coming months. On the economic growth front, GDP expanded at 2.1% in the first quarter, beating expectations, while first-time jobless claims dropped to 215,000, pointing to a resilient labor market. To help make sense of the mixed signals, Alicia Summers spoke with Ted Thatcher, President of Bright Lake Wealth Management, covering what the inflation surge means for everyday Americans, a structural shift underway in the job market that many are overlooking, and whether the Federal Reserve is likely to raise interest rates again before year's end.

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