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U.S. Inflation Gauge Jumps to Fresh 4-Decade High of 9.1%; Bitcoin Falls

​​“Spending over the coming months will be contingent on a variety of key factors including a potential Covid resurgence, the war in the Ukraine, if supply chain pressure eases, as well as the effect of rate hikes on consumer spending,” Silver said. “It will be interesting to see what happens after the summer hangover recedes and we get a clearer picture of both the state of the economy, the war in Ukraine and Covid.”