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.

May’s softer than expected inflation result won’t shift the Federal Reserve’s thinking about cutting interest rates in the near term, but it does signal that companies are moving slowly to adjust consumer prices as tariffs start to increase their costs.

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