The cost of living rose slowly in May for the third month in a row, but the rate of inflation is probably still too high for the Federal Reserve to cut interest rates soon against the backdrop of ongoing trade wars.

Traders are raising the stakes on a potential Fed rate cut in July as the FHFA pushes for Congress to investigate Jerome Powell.

A flurry of Federal Reserve officials this week made clear they’ll need a few more months to gain confidence that tariff-driven price hikes won’t raise inflation in a persistent way.