June's uptick in consumer prices likely gives the Fed room to stay on hold as uncertainty over tariffs clouds the timing of its next rate cut, according to economists.

A new report shows inflation has picked up and analysts believe the prices of many goods increased, in part, because of President Trump’s tariffs. It will play into decisions by the Federal Reserve about when and whether to cut interest rates and comes as the president and his team have ramped up their pressure campaign on Fed Chair Jerome Powell.