US wholesale inflation was muted in June, signaling that price pressures might not be building for producers and manufacturers.

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

Inflation is up, stocks are down, and more tariffs are on their way. Trump wants interest rates to come down but the direction of travel is making it less likely that the Fed will deliver the cuts he wants. It’s not clear whether Trump can extract himself from the policy cycle he has created.

While Tuesday's focus was on the tariff-related inflation hit to Treasuries, it's been a rough week for government bonds everywhere - especially in Japan as long-term yields there hit new highs this week ahead of the July 20 upper house election and related fiscal policy worries.

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

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.

The Indian rupee fell on Wednesday as the latest U.S. inflation report showed that tariffs were beginning to feed into prices, weakening bets on rate cuts by the Federal Reserve, which lifted U.S. Treasury yields and the dollar.

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.