Federal Reserve vice chairman Philip Jefferson said Wednesday that if the tariffs already unveiled by President Trump are sustained it will cause "at least" a temporary increase in inflation. There are signs in the recent data of progress on inflation,

Inflation eased to a four-year low in April as the nascent impact of President Donald Trump’s sweeping tariffs were offset by their cost-dampening effects in a slowing economy. Overall consumer prices increased 2.

President Trump repeated his call for the Federal Reserve to cut interest rates after April's inflation report was cooler than expected.