The Week in Business: Inflation, Billionaires in Space and Other Things Going Up

The government reported that a key measure of inflation in June climbed at its fastest pace in 13 years, casting some doubt on the White House’s claim that postpandemic price increases are “transitory.” The inflation spike is clearly linked to the economy’s rapid reopening, which has created supply and demand mismatches. But there’s debate over how long it will remain elevated: Will it be temporary, as most policymakers believe, or stick around? On Wednesday, Jerome H. Powell, the Federal Reserve chair, acknowledged that inflation had increased “notably” and said it was likely to remain high for six months or so. Still, the Fed is not expected to raise interest rates anytime soon.

Facebook, Netflix and Apple are entering new territories. Facebook joined the slate of platforms, including Snapchat and YouTube, that are trying to woo online creators with cash. It plans to…

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