It’s not just investors who will be closely watching the latest inflation data Tuesday. Federal Reserve officials will also be poring over the details. Traders are currently pricing in two quarter-point rate cuts by the end of the year,

The Bureau of Labor Statistics on Tuesday released June inflation data, showing prices increased from the prior month. Hours later, President Trump called on the Fed to lower rates.

A new report shows inflation has picked up and analysts believe the prices of many goods increased, in part, because of President Trump’s tariffs. It will play into decisions by the Federal Reserve about when and whether to cut interest rates and comes as the president and his team have ramped up their pressure campaign on Fed Chair Jerome Powell.