Chicago Fed chief Austan Goolsbee called the April inflation report 'comforting' but said he needs to see several more as officials consider rate cuts

While Federal Reserve Chair Jerome Powell says "the underlying inflation picture is good," tariffs could change all that.

The inflation backdrop improved in April, with a slight annual decrease reflected in the consumer-price index based on a 2.3% yearly rate. But that doesn't necessarily give the Federal Reserve an all-clear to cut rates next month,

The reduced U.K. growth and inflation would come on reduced demand and trade diversion as the rest of the world cuts their exports to the U.S., Lombardelli said in London.

Donald Trump has agreed to substantially roll back tariffs on China as the two nations continue to work toward a permanent trade deal.

If you're waiting for the Federal Reserve to lower borrowing costs, don't hold your breath. Out of the multiple Federal Reserve officials who spoke Friday, none sounded in a big hurry to cut the central bank's benchmark interest rate.

April’s inflation report could show tariffs’ effects, although some analysts say businesses are working through stockpiled inventory and are hesitant to raise prices yet.