Traders are paring bets on near-term rate cuts, and Treasury bond yields are edging higher, amid stubborn underlying inflation pressures tied to the president’s myriad tariffs. Trump himself said through his social media account that borrowing costs should be “3 points” lower. “One Trillion Dollars a year would be saved,” he declared.

Consumer prices rose at a quicker rate in June, breaking a months-long streak of cooling inflation, the Labor Department said on Tuesday. Why it matters: The data will likely concern economic policymakers,

Consumers picked up their spending in June showing resilience despite anxiety high over tariffs and the U.S. economy.

U.S. import prices rebounded marginally in June amid cheaper energy products, but higher costs for consumer goods were consistent with a tariff-driven increase in inflation.