Consumer inflation in the US remained surprisingly hot in June, the Labor Department reported yesterday. Taken at face value, the numbers raise more doubts about the Federal Reserve’s assumption that the recent inflation surge is temporary. But a closer look at the numbers paints a more complicated profile.

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* Senate Democrats propose $3.5 trillion infrastructure plan
* US Covid-19 cases rising again after months of decline
* Death toll mounts from protests in parts of South Africa
* Global holdings of Chinese stocks and bonds continues to surge
* US oil demand rebounds to pre-pandemic levels
* Europe set to propose plan to sharply cut use of fossil fuels
* US small business sentiment rose to eight-month high in June
* Inflation in UK picks up to 3-year high
* US consumer inflation continued to accelerate in June: