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.

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.

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