Economists are broadly expecting the Federal Reserve to stand pat on interest rates at its upcoming meeting, but how the central bank proceeds beyond that is less clear. President Donald Trump has

But in the price-tracking data, the evidence is much more uneven. April’s inflation reports — measuring consumer and producer prices — showed the early imprint of tariffs. Goods most exposed to the levies, like furniture and audio equipment, became more expensive.

Inflation rose less than expected in May, a month when the effects of higher tariffs were starting to become more widespread.