Hey there readers. Phil Rosen here — writing to you from behind a cup of coffee that definitely feels more expensive than it was a year ago.
You don't need me to tell you inflation has stayed stubbornly high for a while now, despite the Federal Reserve's aggressive bid to cool it down.
In June, inflation reached a four-decade high, and while it's eased somewhat since then, everyday Americans are still feeling the heat.
Today, all eyes will be on central bank chairman Jerome Powell as he begins two days of hearings on Capitol Hill.
As things stand, the narrative leading up to this has been confusing. Consumer spending is strong, the jobs market is holding steady, and the economy is still expanding.
A strong economy only complicates Powell's mission to tame inflation, because it implies that interest rates may need to keep moving higher to cool down the economy.