Progressive's Investments Have Lost $1 Billion: Should Investors Be Concerned?

This year has been challenging for the stock market, as inflation reached its highest level in four decades. The Federal Reserve intends to bring it down by raising interest rates, and it recently increased its target interest rate the most since 1994.  

Interest rates impact every aspect of the economy. One company feeling the effects is the insurance giant Progressive (NYSE: PGR). The company recently announced its May earnings, and investors learned that it lost nearly $1 billion on its investment portfolio. Here's what you should know about Progressive's investments and what it means for the business.

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Source Fool.com