But in the price-tracking data, the evidence is much more uneven. April’s inflation reports — measuring consumer and producer prices — showed the early imprint of tariffs. Goods most exposed to the levies, like furniture and audio equipment, became more expensive.

Melissa Brown, managing director of investment decision research at SimCorp, says "investors are not placing enough emphasis on the inflation environment," and expects higher prices "over the next couple of months.

Despite widespread fears to the contrary, President Donald Trump’s tariffs have yet to show up in any of the traditional data points measuring inflation