The minutes of the rate-setting Federal Open Market Committee, published on Wednesday, showed that “some [members] noted that it would not be feasible or appropriate to wait for complete clarity on the tariffs’ effects on inflation before adjusting the stance of monetary policy”.

Federal Reserve officials believe inflation from new tariffs is just around the corner, and that American consumers are going to pay the costs, minutes of the Fed’s July meeting show.

Food Prices Up 4.9% To Highest Level Since February Prices rose 3.8% in the year to July, up from 3.6% the previous month, stoking fears

The pace of inflation in Canada cooled last month, offering some hope the central bank will resume lowering interest rates to help revive a sluggish economy being held down by trade uncertainty.

Canadian consumer prices moderated slightly and underlying pressures broadly eased. The consumer price index rose 1.7% from a year ago in July, down from June’s 1.9% increase, S