The Indian rupee is set to open weaker on Wednesday after June U.S. inflation data hinted at tariff-driven price pressures, prompting markets to scale back bets of Federal Reserve rate cuts and pushing the dollar and U.

Consumer prices rose faster than​ in May, a potential sign that companies are starting to pass tariff costs on to consumers.

Albertsons shares falls as the gross margin rate drops to the lowest rate in five years, as the company tried to keep prices down despite rising costs.

June’s CPI suggests that recent discounts on these items may be coming to an end. Durable goods, which are 11% of the overall CPI math, rose at a 0.6% annual pace in June. Inflation for all goods and services was 2.7%. Now, the pop in durable goods is meek inflation, yet it’s the first increase since November 2022.

Markets aren’t acting like this is a reality, however. Benchmark 2-year U.S. Treasury note yields rose just two basis points following the inflation release, to 3.946%, and 10-year paper is holding at 4.475%. Stocks are also trading at the highest levels on record.

Inflation in June showed scattered signs of rising costs tied to the Trump tariffs, but Americans simply aren’t paying sharply higher prices because of U.S. trade wars. Here’s four things we learned from the latest consumer price index.