Economists are broadly expecting the Federal Reserve to stand pat on interest rates at its upcoming meeting, but how the central bank proceeds beyond that is less clear. President Donald Trump has

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.

Inflation rose less than expected in May, a month when the effects of higher tariffs were starting to become more widespread.

Consumer sentiment increased in June for the first time in six months, the latest sign that Americans’ views of the economy have improved as inflation has stayed tame and the Trump administration has reached a truce in its trade fight with China.

US consumer sentiment rose by the most since January 2024 as concerns about the economy eased and short-term inflation expectations showed a marked improvement.