Hello and welcome to our economic and finance live blog for Wednesday 20 July.
Bitcoin has improved its market position in recent weeks, increasing more than eight percent during the last month and now hovering above $21,000. However, across the stock market, asset value is down, contributing to the belief by investors that the US economy is headed towards a recession.
Last week we also learned that inflation in June increased 1.3 percent, leading to a 9.1 percent year over year increase. Many of the goods that fueled these historic increases are energy resources which tend to impact the prices of other goods and services across the market.
As we move closer to the fall, Social Security recipients get a bit anxious about the 2023 COLA which many believe could reach as high as 9 percent. The COLA is determined by looking at the Consumer Price Index for July, August, and September.
