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A key U.S. inflation gauge slowed last month as President Donald Trump’s tariffs have yet to noticeably push up prices, while American incomes jumped.

Two Federal Reserve officials, including New York Fed chief John Williams, suggested policymakers may not be ready to lower interest rates before September.

Inflation cooled for the third straight month in April even after some U.S. tariffs took effect, though economists and many business owners expect inflation will climb in the coming months.

Median expectations for inflation three years from now rose to 3.2% in April, the highest reading since July 2022. Estimates for year-ahead price growth, however, held steady.

Trump’s tariffs are rattling U.S. consumers, who are stocking up on everything from cars to olive oil and iPhones. The behavior offers some good news for scrambling businesses.

Dole says a proposal to curb China’s dominance of the maritime industry would have a big impact on bananas — and aggravate consumers already sensitive to higher prices at the grocery store.

Trucking is emerging from a difficult period, and the headwinds that have plagued the industry are beginning to weaken as freight volumes improve and capacity leaves the market.

The public pushback on interest rates comes as the Trump White House tries to make its case for stiffer tariffs amid a mixed economic picture in the U.S.

The Federal Open Market Committee voted to keep the benchmark federal funds rate in a range of 4.25%-4.5%, and said it would further slow the pace at which it is reducing its balance sheet.

Tariffs of 25% on imports from Canada and Mexico threaten to exacerbate an automotive affordability crisis that is already driving buyers out of the market.