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.

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 and an intensifying conflict in the Middle East.

The Consumer Price Index rose 2.4 percent in May, from a year earlier, a reading that reflects only the initial impact of President Trump’s tariffs.

Americans have yet to feel any sting of inflation from the Trump tariffs when they go shopping. Now a new look at wholesale prices suggests the coast might be clear for a while longer.

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.

Consumer prices rose 2.4% over the year, and the month-over-month increase was lower than expected.

Forecasters say underlying US inflation likely picked up in May, reflecting a modest impact from tariff pass-through for goods that are mostly imported, while some services like airfares saw smaller price gains or outright declines.

Fresh inflation figures due out Wednesday could offer an early glimpse into whether President Donald Trump’s tariffs are beginning to drive up the cost of everyday products.