The broad market is still wobbly, with inflation showing no signs of cooling.
Not helping, consumer prices soared 9.1% in June, year over year – its fastest pace since 1981, and well above expectations for 8.8%.
According to CNBC, “Excluding volatile food and energy prices, so-called core CPI increased 5.9%, compared to the 5.7% estimate. On a monthly basis, headline CPI rose 1.3% and core CPI was up 0.7%, compared to respective estimates of 1.1% and 0.5%.”
“The breadth of the price gains shows how rising costs have seeped into nearly every corner of the economy. Grocery prices have jumped 12.2% compared with a year ago, the steepest such climb since 1979. Rents have risen 5.8%, the most since 1986. New car prices have increased 11.4% from a year earlier. And average airline fares, one of the few items to post a price decline in June, are nevertheless up 34% from a year earlier,” added the Associated Press.
Hopefully, inflation is starting to peak, but it’s a tough call at this point.
The latest numbers could force the Federal Reserve to hike rates another 75 basis points, which then runs the risk of the central bank overshooting, potentially pushing the U.S. economy closer to a recession.
Thankfully, there are some bright spots in the market.
The cannabis sector happens to be one of them.
In fact, the sector, as measured by the Advisor Shares Pure US Cannabis ETF moved slightly higher from a low of $10.08 to a recent high of $10.87 over the last week.
That’s happening for a few reasons. Continue reading "Own Cannabis Stocks For Less Than $20"