Inflation picked up in June, as measured by the Federal Reserve's preferred gauge, reflecting the continued price pressures that make the central bank [cautious about cutting interest rates](

The Federal Reserve’s preferred measure of underlying inflation increased in June at one of the fastest paces this year while consumer spending barely rose, underscoring the dueling forces dividing policymakers over the path of interest rates.

The Federal Reserve’s preferred inflation gauge ticked higher last month in a sign that President Donald Trump’s broad-based tariffs are starting to lift prices for many goods