The next major U.S. inflation report is set to arrive on Tuesday in the form of the consumer-price index for June, and will inform investors as to whether President Donald Trump’s tariff wars with other countries have had a sizable impact on inflation.

The investing world will be watching U.S. factory inflation on Wednesday, after consumer price data pulled Wall Street back from all-time highs overnight, with Fed predictions of tariff-induced inflationary effects starting to be realized. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.

The consumer price index for June is expected to show that Trump tariffs began to nudge inflation higher last month.

Consumer Price Index (CPI) inflation at 4% and GDP growth at 6.5%, aided by a good monsoon and soft commodity prices, despite global risks and slowing credit growth.

U.S. consumer prices picked up in June, likely marking the start of a long-anticipated tariff-induced increase in inflation that has kept the Federal Reserve cautious about resuming its interest rate cuts.

Leading economists react to June’s Consumer Price Index report, which showed that inflation was largely in line with expectations, while speculating on what this means for Federal Reserve policy and growing tariff-related pressures.

Consumer prices in the New York area, including Long Island, rose at a faster pace in June than in May, driven in part by higher costs for child care, housing and groceries, such as meat and eggs.

Tech led US stocks on Tuesday as a key consumer inflation print showed inflation accelerated in June, big banks kicked off earnings season, and Nvidia was set to receive a green light for trade with China from the Trump administration.