Traders are paring bets on near-term rate cuts, and Treasury bond yields are edging higher, amid stubborn underlying inflation pressures tied to the president’s myriad tariffs. Trump himself said through his social media account that borrowing costs should be “3 points” lower. “One Trillion Dollars a year would be saved,” he declared.

That’s partly because tariff-sparked inflation rose higher in June than in May year-over-year. 💵💰Don't miss the move: Subscribe to TheStreet's free daily newsletter💰💵 The Federal Open Meeting Committee (FOMC) of the Federal Reserve Bank will vote later this month on how monetary policy will react to the updated inflation data.

Tariffs contributed modestly to the rise of inflation last month, analysts told ABC News, citing the price hikes in product categories made up primarily of imports. But, they added, overall price increases owed largely to a rise in housing and food products with little connection to tariffs.

Critics of President Trump's tariff policies have been waiting for the import taxes to raise the inflation rate. That effect may be beginning.

A changing pricing environment and renewed social inflation worries will be among the focal points for US property and casualty insurers when they release second quarter results.

Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.

President Donald Trump said he reached a deal with Indonesia that will tariff its goods at 19%, adding that the Southeast Asian nation agreed to erase all duties on US imports and buy more than $19 billion of American products including 50 Boeing Co.