Survey of Consumer Expectations on Monday showed that expectations of higher prices are easing. The Consumer Price Index, a key inflation gauge, climbed 1.0% in May and 1.3% in June, pushed the year-over-year inflation rate to 9%. Gas prices rose by a whopping 60% over the past year, but have been steadily declining. The monthly rate could go as low as 0.2% in July and turn negative in August, according to David Kelly, chief global strategist at JPMorgan Funds. Warren Buffett’s Berkshire Hathaway posted a net loss of nearly $44 billion in the second quarter, mostly due to drops in its portfolio of Apple, Coca-Cola, Chevron and American Express. The Oracle of Omaha posted a . . .
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