By Kristin Myers, Editor-in-Chief

What's Happening Today

Stocks are climbing today, which is good news if you're one of the investors still digesting Federal Reserve Chair Jerome Powell's comments before Congress this week. Powell stated that the central bank "can't fail" on its task of bringing inflation down to its 2% goal. Inflation was at an annual rate of 8.6% in May, a 40-year high, and it's making everything more expensive, even chicken wings.

Recession fears and worries over rising prices have slammed markets, causing volatility over the last several weeks and sending the S&P 500 into bear market territory (a drop of 20% from its most recent high). As the Federal Reserve continues to indicate it will become increasingly aggressive in its fight against inflation, risks of a recession have continued to grow.

If you're concerned about inflation and a potential recession, you're not alone. Many people are growing increasingly pessimistic, as shown in today's consumer sentiment index report from the University of Michigan. June's final reading was the lowest on record at 50 index points, and 14.4% lower than in May. One year ago, the consumer sentiment index was at 85.5 points, 41.5% higher than it is now. The report also found that 79% of people believe bad times are coming, particularly for businesses—that's the highest percentage of survey respondents since 2009.

- Kristin

Editors' Picks

Did You Go to a For-Profit College? Say Bye to Your Debt (The Balance)

'Coast to Coast' Housing Correction Is Coming, Says Moody's Chief Economist (Bloomberg)

Jerome Powell Pressed Over How Fed Would Respond to Economic Slowdown (The Wall Street Journal)

July 4th BBQ Gets Pricey as Chicken Wing Prices Soar 54% (The Balance)

Another Recession Warning: Falling Copper Prices (CNN Business)

Get Ready To Pay for School Meals Again (The Balance)

Bank Savings Accounts vs. Credit Union Savings Accounts (The Balance)

Off the Charts

The median home went for more than $400,000 for the first time in data going back to 1999, up from $395,500 in April and a 14.8% increase over the year before, the National Association of Realtors (NAR) said in a report earlier this week. Home prices are continuing to rise rapidly despite a recent spike in mortgage rates that's driven borrowing costs skyward, pricing would-be buyers out of the market and causing fewer homes to be sold.

Number of the Day

$514 - That's how much more a typical monthly mortgage payment cost for new homebuyers in May than at the beginning of the year—but things have stopped worsening so quickly, according to a new report.