Most economists and policymakers are bracing for price pressures to intensify this summer because of President Trump’s tariffs.

The Federal Reserve's targeted inflation measure ticked slightly higher in May, but the numbers didn't show a big tariff-related upswing. Prices rose by 2.3% over the 12 months through May, according to the personal-consumption expenditures price index,

The PCE price index was projected to rise 0.1% in May, with the annual inflation rate at 2.3%, according to the Dow Jones consensus.