Millennial millionaires are delaying home, car purchases due to inflation
The CNBC Millionaire Survey suggests that inflation and rising borrowing costs are working their way up the wealth ladder. Nearly half of millennial millionaires say higher interest rates are causing them to delay buying a car. The Federal Reserve's interest rate hikes have jacked up the cost to borrowing, especially for homes and cars. Forty percent of millennials surveyed plan to buy more stocks as inflation accelerates. The Fed raised its benchmark rate to 1.5%-1.75% and said another hike could come in July. Inflation is expected to come in September. The survey was conducted in May.