The Federal Reserve is widely expected to hold interest rates steady next week, with investors focused on new central bank projections that will show how much weight policymakers are putting on recent soft data and how much risk they attach to unresolved trade and budget issues.

Inflation rose less than expected in May, a month when the effects of higher tariffs were starting to become more widespread.

Despite widespread fears to the contrary, President Donald Trump’s tariffs have yet to show up in any of the traditional data points measuring inflation