While we celebrate Louisiana’s entrance into the Gold Club as the 22^nd state to make personal finance a graduation requirement, the big economic news this week revolves around a CPI release that came in at expected (lower) levels, and the FOMC decision to take a breath with interest rates. That plus more fun summer reading.

Advocacy

• And now we are 22!!! Louisiana joined the Gold Club this week, passing legislation to require high school students to take a personal finance class to graduate. (Yahoo Finance) Who will be next?

Economics

• The Federal Open Market Committee met this week and decided to hold interest rates where they are to give previous increases a bit more time to impact inflation. However, the quarterly economic projections made by the members suggest two additional rate increases before the end of the year. (CNBC) (Forbes)
• May CPI was released as FOMC members gathered on Tuesday. Headline 4% year-over-year increase was the lowest in two years, but shelter and transportation cost increases are persisting. (Business Insider)
• For a more in-depth read about inflation, its origins and prospects, including a discussion of Larry Summer’s views, check out this New York Magazine article.
• Do you wonder what other central banks are doing? The ECB raised interest rates 25 basis points to the highest level in 22 years to battle Europe’s persistent inflation (Reuters), but the Bank of Japan held rates steady/low. (Reuters2)

Investing

• The Gist by Finny today included a brief but informative section on buying Treasuries as they now can yield as high as 5%.
• Restaurant chain CAVA went public this week, reminding us of the good old days of IPOs (when first day’s close was twice the initial offer.) Will other restaurants follow? (CNBC)
• Instant Pot is filing for Chapter 11 Bankruptcy (reorganization). What happened? (Axios)

Paying for College

• 529 Plans can be a great vehicle for saving for college, but many are invested in suboptimal plans. (Knowledge@Wharton)

Higher Education

• High school students are increasingly questioning the value of a college education. (Inside Higher Ed)

Retirement

• If you are approaching 65 or have a parent who is, here is a good guide to navigating your way through Medicare Part D options. (Humble Dollar)

Just for Fun

• Who is the richest person in each state? (Forbes)

About the Author

Beth Tallman

Beth Tallman entered the working world armed with an MBA in finance and thoroughly enjoyed her first career working in manufacturing and telecommunications, including a stint overseas. She took advantage of an involuntary separation to try teaching high school math, something she had always dreamed of doing. When fate stepped in once again, Beth jumped on the opportunity to combine her passion for numbers, money, and education to develop curriculum and teach personal finance at Oberlin College. Beth now spends her time writing on personal finance and financial education, conducts student workshops, and develops finance curricula and educational content. She is also the Treasurer of Ohio Jump$tart Coalition for Personal Financial Literacy.