Americans' inflation fears reach a fever pitch as consumer prices rise

Americans' inflation fears reach a fever pitch as consumer prices rise  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, JUN 16, 2021 YOUR WEALTH Editor's Note Inflation has been on the top of everyone's minds. JPMorgan's CEO Jamie Dimon said the bank has been "effectively stockpiling" cash rather than using it to buy Treasurys or other investments because of the possibility higher inflation will force the Federal Reserve to boost interest rates. And the Oracle of Omaha, Warren Buffett, said "We are seeing very substantial inflation," at a recent shareholder meeting. Meanwhile, billionaire hedge fund manager Paul Tudor Jones, a prominent Wall Street figure who called the stock market crash in 1987, told CNBC's "Squawk Box" Monday that if the Fed treats higher prices with "nonchalance," it would be a "green light to bet heavily on every inflation trade." He added: "I'd probably buy commodities, buy crypto, buy gold." Indeed, the fear of inflation in the year ahead hit its highest level on record, according to a report by the Federal Reserve Bank of New York. Smart investors and consumers alike want to make sure to address inflation because if they don't, it can decrease their purchasing power. So, what should you look to do now for inflation protection? CNBC's Jess Dickler spoke with several experts who offered some tips on how to protect your savings from rising costs. Additionally, some financial advisors who recently spoke with CNBC said they are urging clients to focus on short- to intermediate-term bonds and avoid any investments that have "long-term" in the name. Investors may also want to stay away from growth stocks, or companies with higher-than-average expected earnings. Other inflation hedges include investing in real estate, gold and even cryptocurrencies, these advisors say. Advisors also suggest Treasury inflation-protected securities, or TIPS, which are investments that account for inflation. CNBC Financial Advisor Summit: The Innovative Advisor (June 29) CNBC's Financial Advisor mid-year Summit will bring together forward-thinking advisors to hear from industry heavyweights about the state of the markets. Hear from Ariel Investments CIO Rupal Bhansali, Omega Advisors CEO Leon Cooperman, Morgan Stanley Vice Chairman of Wealth Management, Carla Harris, FCI CEO Brian Edelman and more. To register: www.cnbcevents.com/fasummit/. (CFP CE credits available for attendees.) For more cool stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. Jim Pavia @JIMPAVIA Americans' inflation fears reach a fever pitch as consumer prices rise Amid fears of rising rents and home prices, Americans expect the inflation rate will be up to 4% one year from now and at 3.6% three years from now. Producer prices climb 6.6% in May on annual basis, largest 12-month increase on record Month over month, the producer price index increased 0.8%, faster than the 0.5% estimated in a Dow Jones survey. Does Biden tax plan affect those with income below $400,000? It depends on your frame of reference President Joe Biden pledged to raise taxes just on those with income over $400,000. Some observers think one-time windfalls test the spirit of that promise. Lost 401(k) accounts and pensions: How lawmakers want to fix the problem A provision included in proposed congressional legislation aims to reduce the number of retirement accounts or benefits that end up being hard to track down. Why some families may want to opt out of the child tax credit payments starting in July For some families, it may make more sense to claim the enhanced child tax credit as a lump sum when they file 2021 taxes instead of monthly payments Tax refunds and stimulus checks delayed by identity fraud crossfire A growing number of tax refunds are being delayed each year as the IRS investigates for possible identity theft and other fraud. One-third of Americans plan to retire later due to Covid-19, study finds As the recovery from Covid-19 continues, new research looks at just how Americans are faring with regard to retirement preparedness. A third of Americans found errors on their credit reports. Here's how to fix those mistakes Before you try to take out a mortgage or a car loan, check your credit report. It may have a mistake that could cost you. Here's how to decide what debt you should tackle first Not all debt is equal. Before picking a repayment strategy, some financial experts recommend ranking your bills by the highest interest rate. The wage inflation is going to stick "I wrote about this topic other day in case you missed it ..." CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS