Rising prices across an array of goods from coffee to audio equipment to home furnishings pulled inflation higher.

Higher tariffs put in place by the Trump White House this year have started to increase inflation, and these effects are likely to increase in the coming months, New York Fed President John Williams said Wednesday.

Federal Reserve governor Adriana Kugler said the Fed should hold interest rates steady for a while to come, because new trade barriers are likely to spark more inflation in the months ahead. Speaking at a housing conference in Washington,

J.P. Morgan warned in a note that Trump's pressure on the Federal Reserve and threats to fire Chair Powell could undercut central bank independence and increase inflation risks.

What is clear is that the current 4.33% median Fed funds target rate remains well above the inflation trend. Even after the acceleration in consumer prices in June, the policy rate is roughly 1.4 percentage points above headline CPI’s one-year change – close to the biggest gap post-pandemic.

As the housing market continues to evolve in the shadow of persistent inflation and shifting buyer behavior, this week’s economic data provides important clues for both policymakers and home shoppers.

The inflation rate rose in May and June. Here's why opening a $10,000 short-term CD in response makes sense now.