But in the price-tracking data, the evidence is much more uneven. April’s inflation reports — measuring consumer and producer prices — showed the early imprint of tariffs. Goods most exposed to the levies, like furniture and audio equipment, became more expensive.

Where is all the inflation that was supposed to arise from the Trump tariffs? So far there’s hardly been any whiff of big price increases. Just wait, economists insist. It’s coming.

President Donald Trump’s expansive tariff agenda has concerned economists that it will send inflation back up as businesses pass the increased costs onto consumers, risking reversing

Consumer sentiment increased in June for the first time in six months, the latest sign that Americans’ views of the economy have improved as inflation has stayed tame and the Trump administration has reached a truce in its trade fight with China.

The University of Michigan’s closely watched gauge of U.S. consumer sentiment rose to 60.5 in a preliminary June reading from 52.2 in the prior month. This was the first improvement in six months. The gain was larger than forecast.