The first month of summer came in hotter than expected. Data released in June showed that annual headline CPI inflation—previously thought to be cooling—had touched a new 40-year high. In response, the United States Federal Reserve (Fed) raised its benchmark interest rate by 75 basis points (bps)—25 bps more than initially forecast and the largest increase since 1994. Eyeing the rest of 2022, further substantial rate hikes are possible as the Fed remains focused on stabilizing prices, however, in the process, a recession may become unavoidable. Download the latest bulletin from Principal Global Insights to read more about how difficult months and quarters ahead mean investors need to actively seek out the opportunities that can still perform well in this tough investment environment.