| 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.)
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