Rising prices across an array of goods from coffee to audio equipment to home furnishings pulled inflation higher in June in what economists see as evidence of the Trump administration's increasing import taxes passing through to consumers.

The U.S. Bureau of Labor Statistics announced Tuesday that consumer prices moved upwards in June, with the true impact of President Donald Trump's tariffs looming on the horizon.

Even if we get an unexpectedly tame reading for the June CPI figures, it might be difficult to see the Fed cutting rates at the July 29-30 meeting. The June jobs report from two weeks back offered a mixed set of data,