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Data: St. Louis Fed; Chart: Dion Rabouin/Axios Visuals

Warren Buffett became the latest big name to weigh in on inflation, telling viewers of the Berkshire Hathaway annual shareholder meeting this weekend that he and his team are "seeing substantial inflation."

Why it matters: Concern about inflation is growing louder and becoming more pronounced among investors and the general public, even as the Fed and many mainstream economists insist price hikes will be temporary and are not worrisome.

What he's saying: "People have money in their pocket, and they pay higher prices... it's almost a buying frenzy," Buffett said.

  • "We are raising prices. People are raising prices to us, and it's being accepted."

Of note: Buffett's Berkshire Hathaway bought back $6.6 billion in shares of its own stock after a record $27.4 billion in repurchases last year, adding to the boom in stock buybacks I wrote about late last month.

About the chart: The Fed discontinued its weekly M2 money supply reporting for some reason, however, the monthly chart, updated Tuesday, showed U.S. money stock reaching just below $20 trillion in March.

Go deeper

Warren Buffett denounces SPACs and Robinhood at Berkshire Hathaway meeting

Warren Buffett during a 2017 event in New York City. Photo: Daniel Zuchnik/WireImage

Warren Buffett called SPACs a "killer" and criticized stock-trading app Robinhood for encouraging gambling during Berkshire Hathaway's annual meeting in Los Angeles Saturday.

Why it matters: The criticism by Buffet comes as SPACs, or special purpose acquisition companies, and Robinhood have been facing scrutiny from regulators after soaring in popularity over the past year.

Updated 16 mins ago - Health

GOP Rep. Clay Higgins says he has COVID for second time

Rep. Clay Higgins during a 2019 House Oversight and Reform Committee hearing on Capitol Hill. Photo: Tom Williams/CQ Roll Call

Rep. Clay Higgins (R-La.) Sunday evening that he and his wife have contracted COVID-19 for a second time and "this episode is far more challenging."

Driving the news: "Becca and I had COVID before, early on, in January 2020, before the world really knew what it was," he wrote in a Facebook post, confirming his son also has the coronavirus — which he described as a "biological attack weaponized virus."

Updated 2 hours ago - Sports

Olympics dashboard

📺: The Olympic events to watch today; Olympics opening ceremony ratings plunge

🏊: Athlete spotlight — Katie Ledecky adds to Games career medals haul; Caeleb Dressel leads Team USA to gold.

🏀: U.S. Men's basketball suffers first Olympic loss since 2004

🤖: The robot Olympics

🚨: Heat wave brings scorching temperatures to Tokyo Olympics

🎤: Meet the new faces of NBC's Olympics coverage

Go deeper: Full Axios coverage