Tariffs aren’t yet showing up in inflation data, but that doesn’t mean they won’t in the coming months, says Richard Clarida, a former Federal Reserve Vice Chair and now an economic adviser at Pimco

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.

Melissa Brown, managing director of investment decision research at SimCorp, says "investors are not placing enough emphasis on the inflation environment," and expects higher prices "over the next couple of months.