The inflation rate is inching higher, with Wall Street expecting tariffs to increase prices throughout the remainder of 2025.

The Consumer Price Index rose 2.4 percent in May, from a year earlier, a reading that reflects only the initial impact of President Trump’s tariffs.

Reports on consumer and wholesale inflation headline the week’s economic data as tariff negotiations between the U.S. and China begin.

U.S. economic growth is likely to "slow markedly" this year and next, due to tariffs and uncertainty under the Trump administration.

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Trump has demanded the U.S. central bank lower its benchmark overnight interest rate immediately by a full percentage point, a dramatic step that would amount to an all-in bet by the Fed that inflation will fall to its 2% target and stay there regardless of what the administration does and even with dramatically looser financial conditions.

Consumer prices in the US rose less than anticipated in May, with limited evidence so far that President Donald Trump's tariff measures have had a material impact on inflation.

Traders and investors moved in and purchased bonds across the yield curve on Wednesday, sending U.S. Treasury yields lower, after the latest consumer inflation report came in cooler than expected. Government data showed a 0.

The Federal Reserve is widely expected to hold interest rates steady next week, with investors focused on new central bank projections that will show how much weight policymakers are putting on recent soft data and how much risk they attach to unresolved trade and budget issues and an intensifying conflict in the Middle East.