With June's inflation reading coming in hotter than the month prior, the Fed is under renewed pressure to maintain its current target range for the federal funds rate. Analysts now see little chance of a rate cut in the near term. That means HELOC borrowers are unlikely to see significant rate drops anytime soon.

While a post-pandemic burst of inflation has abated across much of the developed world, Britain is still stuck with the highest price growth among big western economies.

The Producer Price Index report showed wholesale inflation measure was unchanged in June. It comes on the heels of the Consumer Price Index showing inflation accelerated in June. CBS News business contributor Javier David joins to break it down.