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.

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.

Economists are broadly expecting the Federal Reserve to stand pat on interest rates at its upcoming meeting, but how the central bank proceeds beyond that is less clear. President Donald Trump has