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By Kristin Myers, Editor-in-Chief

What's Happening Today

As if you needed another reminder that prices are going up: The Federal Reserve's preferred inflation measure, the personal consumption expenditures (PCE) price index jumped 0.6% in May, up from 0.2% in April, according to the Bureau of Economic Analysis' latest report released this morning. The PCE price index measures changes in prices for goods and services by U.S. households. The index was up 6.3% from last year, the same year-over-year rate as the month before.

Excluding more volatile food and energy prices, the index rose 0.3% last month, as it did in April, and was 4.7% higher than a year ago. That's a slight decrease from April's annual figures, at 4.9%. Americans are also earning more according to today's release from the Commerce Department, as personal incomes rose 0.5%, largely due to increases in wages. However, wage gains have not kept pace with inflation for many workers.

Recession worries persist after comments from Federal Reserve Chair Jerome Powell at an ECB forum yesterday where he highlighted that there is a "risk" that the central bank goes "too far" with interest rates. While he said that he still believes the central bank can achieve a "soft landing," he said pathways to achieving it have gotten narrower. Investors, economists, business leaders, and American consumers have been worried about the tightrope that the Federal Reserve must walk: being aggressive in fighting inflation without tipping the U.S. economy into a recession.

- Kristin

Editors' Picks

Jobless Claims Not Flashing Warning Signs Yet (The Balance)

Powell Says Fed Must Accept Higher Recession Risk to Combat Inflation (The Wall Street Journal)

Home Listings Surge in Turnabout for Supply-Starved US Market (Bloomberg)

After Worst Start in 50 Years, Some See More Pain Ahead for Stock Market (The New York Times)

Calculating Tax Equivalent Yield: Are Municipal Bonds Right for You? (The Balance)

Can You Deduct Estate Planning Fees on Your Taxes? (The Balance)

Who Regulates Reverse Mortgages? (The Balance)

Off the Charts

The average 30-year fixed mortgage rate rose for a third day to 6.27%, while the 15-year fixed rate moved up to 5.38%, according to data collected by The Balance.

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Number of the Day

16 - That's how many state governments have sent out, approved, or are considering payments to residents to help them cope with the rapidly rising cost of living.