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.

Americans have yet to feel any sting of inflation from the Trump tariffs when they go shopping. Now a new look at wholesale prices suggests the coast might be clear for a while longer.

U.S. wholesale prices rose modestly last month from a year earlier, another sign that inflationary pressures remain mild.

May’s softer PPI data missed forecasts, easing inflation fears and boosting odds the Fed may pause rate hikes—bearish for USD, bullish for equities.

Producers of metals and other raw materials rose after muted wholesale inflation data and a continued slide in the U.S. dollar. Wholesale prices rose 0.1% in May from April, a less pronounced gain than economists had forecast. The data weighed on the dollar, which has already lost 10% of its value against a basket of rivals in the last 12 months.

Here are the key points to know ahead of this morning's consumer-price index for May: Year-over-year inflation is expected to pick up slightly from April to 2.4%, according to the consensus estimate.

Reports on consumer and wholesale inflation headline the week’s economic data as tariff negotiations between the U.S. and China begin.

Treasury yields were declining Thursday morning as investors weighed fresh data on wholesale inflation that was softer than expected. The yield on the 10-year Treasury note was falling about 6 basis points to around 4.