Internet reports that Idanna Appio, senior vice president of First Eagle, a U.S. investment management firm, said that U.S. inflation may rebound in the coming months after a moderate CPI report in April. Other measures are expected on the trade front, with new tariffs and agreements likely announced. We have to wait and see how some of these deals turn out. The recent U.S. -UK trade deal and the suspension of tariffs with China suggest tariffs will be "significantly lower" than previously expected. The Fed seems more willing to accept the view that the impact of tariffs on inflation may be more than temporary.