It hasn't been an easy start to 2025 for Jerome Powell. Unfortunately for the Fed chair, the second half of the year is likely to be even tougher.

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

President Trump lashes out at Fed Chair Jerome Powell, blaming him for persistently high inflation and sluggish price relief. Here’s what’s driving the political and economic tension.

Wall Street watches the major averages whipsaw, following a softer-than-anticipated wholesale inflation report and news that President Trump indicated that he will fire Jerome Powell.

Stocks had been rising modestly in the morning, before news reports saying that Trump was likely to fire the Fed chief, which quickly sent the the S&P 500 down by 0.7%. When later

Economists expect the Consumer Price Index, to be released at 8:30 a.m., to show that the annual rate of so-called core inflation edged up to 3 percent in June as businesses started to pass some of the $100 billion collected in import taxes along to consumers.

The president is heaping criticism on Fed Chairman Jerome Powell as markets await the latest inflation numbers.

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.