And you thought inflation was hot for consumers

U.S. producer prices surged in June, stoking investors’ concerns about the nature of the inflation. Plus, what we know so far about the Democrats’ $3.5 trillion spending proposal; the response from China to Treasury Secretary Yellen’s recent characterization of its “economic practices” as “unfair”; and how the Federal Deposit Insurance Corp. (FDIC) is working to encourage unbanked American households to open accounts — the effort is connected to the expanded child tax credit, which starts this week.