U.S. core consumer price inflation ((CPI)) was firmer than expected in June, with a 0.3% rise that boosted the year-over-year rate to 2.1%. The timing of the strong print is somewhat awkward for Federal Reserve officials who have signaled a willingness to cut interest rates in July, and for Chairman Jerome Powell, who emphasized the absence of inflationary pressures during his semiannual testimony to Congress this week.
However, it's worth noting that June inflation may have been boosted by the recent increase in import tariffs, while inflationary pressures from rising wages and tight labor markets