June’s CPI report isn’t encouraging but tariffs aren’t the problem. The real issue is that core inflation, especially core services, ticked higher. That points to persistent structural pressure, likely tied to a still-tight labor market. This kind of reading doesn’t support the case for the Fed to accelerate rate cuts.

The good news? These bumps don’t break the broader multi-year trend of disinflation. And so far, there’s no clear evidence that tariffs are causing a broad-based surge in prices. So this isn’t a shock event. It is just a reminder that inflation’s most stubborn components aren’t fixed yet. Follow @ecoinometrics fore more data-driven insights on Bitcoin and macro.