National Economic Council Director Kevin Hassett, a top economic advisor to Trump, on Monday rebuked concerns about tariff-related inflation. The Fed, Hassett told CNBC, has been "very, very wrong" in its assessment of a potential resurgence of price increases.

Core inflation — which strips out energy and food prices, which can be volatile categories — was up 2.9% in June. The consumer price index rose 2.7% on an annual basis in June 2025, up from 2.4% in May, according to the Bureau of Labor Statistics.

The acceleration in the CPI reading is bad news for President Donald Trump, who is pushing for the Federal Reserve to cut interest rates and stimulate the economy. The Fed's Board of Governors has so far resisted cutting rates to see how Trump's tariffs affect prices, concerned that summer would see a spike in inflation.

President Donald Trump should follow up on his historic "big, beautiful" tax bill with an extra booster shot for the economy by immediately indexing the capital gains taxes for inflation.

Inflation rose last month to its highest level since February as President Donald Trump's sweeping tariffs are pushing up the cost of a range of goods, including furniture, clothing, and large appliances.

Wall Street indices opened mixed on Monday following US President Donald Trump's latest tariff threats against the EU and Mexico. At 9:31 AM ET, the Dow Jones Industrial Average fell 126.24 points, or 0.