Gary Cohn, IBM vice chairman and former National Economic Council Director under President Trump, joins 'Squawk Box' to discuss the state of the economy, June's CPI data, President Trump's tariff agenda,

"If the recent tariffs announced/threatened go into effect, it will take a few months for that additional boost to inflation to be felt in goods prices and will keep the Fed on the sideline unless the labor market takes a sudden turn for the worse," Ryan Sweet, chief US economist at Oxford Economics, wrote in a note on Tuesday.

The report on wholesale inflation came a day after the Labor Department reported that consumer prices last month rose 2.7% from June 2024, the biggest year-over-year gain since February, as Trump’s sweeping tariffs pushed up the cost of everything from groceries to appliances.

This article will be updated throughout the day, so check back often for more daily updates. One day after U.S. Bureau of Labor Statistics data showed that the consumer price index (i.e. consumer inflation) accelerated in June,

Inflation, as measured by the producer price index, declined by three-tenths of a percentage point to 2.3% for the year ending in June, signaling that the U.S. is evading pain from the tariffs imposed by President Donald Trump.

Inflation rose last month to its highest level in four months as the cost of gas, food, and groceries rose, reversing several months of cooling price pressures.

A busy week ahead for investors will see inflation data, the debate about the Fed's next move, and the start of second quarter earnings season all come into focus after a flurry of trade activity last week.

Minutes from the Fed’s June policy meeting tease at a looming split over whether and when officials will resume rate cuts.