Where is all the inflation that was supposed to arise from the Trump tariffs? So far there’s hardly been any whiff of big price increases. Just wait, economists insist. It’s coming.

The Federal Reserve is widely expected to hold interest rates steady next week, with investors focused on new central bank projections that will show how much weight policymakers are putting on recent soft data and how much risk they attach to unresolved trade and budget issues and an intensifying conflict in the Middle East.

Treasury yields are higher Friday, with investors calculating that the surge in oil prices could push up overall inflation and make it harder for the Federal Reserve to cut interest rates. While geopolitical instability can sometimes boost Treasurys as investors look to buy safer assets,

Inflation moved up in May as Trump's tariffs threatened to filter into consumer prices, CPI report shows. Gasoline prices declined for fourth month

Overall, though, the trend for inflation has been a steady decline toward the Federal Reserve’s 2% annual target. The Fed, however, is not expected to change interest rates when it meets next week.

U.S. equity funds witnessed the smallest weekly net disposal in four weeks in the week through June 11 as a smaller than expected rise in consumer prices in May, and a U.S. trade deal with China, eased investor worries.

An economic split with the Northeast and Midwest will leave states like Texas and Tennessee behind without a Fed rate cut.