While pundits looked with their magnifying glasses for tariffs in consumer goods prices, it was in services, which are not tariffed, where inflation took off again.

Key Takeaways Inflation rose in June, moving further from the Federal Reserve's goal of 2% each year.This flare of inflation will likely discourage the Fed from cutting its influential interest rate later this month.

Wall Street braced for another inflation checkup after Tuesday's consumer price reading spurred traders to pare bets on Fed rate cuts in the coming months.

Inflation rose last month to its highest level in four months as the cost of gas, food, and groceries rose, reversing several months of cooling price pressures.

A busy week ahead for investors will see inflation data, the debate about the Fed's next move, and the start of second quarter earnings season all come into focus after a flurry of trade activity last week.

Wall Street braced for another inflation checkup after Tuesday's consumer price reading spurred traders to pare bets on Fed rate cuts in the coming months.

Minutes from the Fed’s June policy meeting tease at a looming split over whether and when officials will resume rate cuts.

The emerging divide among Federal Reserve officials over the outlook for interest rates is being driven largely by differing expectations for how tariffs might affect inflation, a record of policymakers’ most recent meeting showed.