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By Kristin Myers, Editor-in-Chief

What's Happening Today

Stocks are continuing to rise today, boosted by both optimism that inflation might have reached its peak and the release of the minutes from the last Federal Reserve policy meeting, which show that the central bank is willing to implement even more rate hikes to fight inflation.

In the Fed's meeting minutes, the central bank said it may be "appropriate" to implement a restrictive monetary policy, including raising rates at least two more times this year to push inflation back down to the 2% target. Inflation currently stands at 8.3%, near a 40-year high.

This morning's gross domestic product (GDP) report from the Bureau of Economic Analysis shows the U.S. economy shrank a little more than originally anticipated. GDP shrank by 1.5% in the first quarter, compared to the advance estimate of a drop of 1.4%. The last time GDP shrank was in the second quarter of 2020. A decrease in exports and private inventory investment (goods produced to be sold later), plus a drop in government spending, were the main culprits behind the decrease.

But while GDP shrank, consumer spending jumped as Americans turned to foreign-made goods to meet their demands. Investors and economists may want to pay particular attention to GDP numbers for the second quarter to confirm if the U.S. economy is in fact weakening.

- Kristin

Editors' Picks

First-Quarter GDP Slid a Bit More Than First Reported (The Balance)

Expect at Least Two More Big Interest Rate Hikes (The Balance)

The Latest Viral TikTok Challenge Is Saving Cash (Liquor Bottles Optional) (The Wall Street Journal)

Freight Railroad Slowdowns Under Microscope Amid Supply Crunch (The Hill)

Authorities Seek To Shutter 'Predatory' Debt Collectors (The Balance)

7 Million Bad Student Loans With No Way Out, For Anyone (The New York Times)

Inflation Is Making Weddings $2,316 More Expensive Than 2019 (The Balance)

How Much Equity Do You Need for a Home Equity Loan? (The Balance)

Off the Charts

Wedding season is upon us, and it's going to be an expensive one for the estimated 2.6 million couples tying the knot this year. Prices have increased for almost every major wedding spending category, including food, wedding dresses, and flowers, according to The Balance's analysis of the latest inflation data from the Bureau of Labor Statistics (BLS) and The Knot's 2021 Real Weddings Study. What's causing the price jump? Inflation; it's been hovering close to 40-year highs.