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that because I work here. Get started today at banta.com. Hi there, from CNN. I'm Aaron Matheson,

with the five things you need to know for Thursday, July 31st.

President Donald Trump's tariffs deadline is less than a day away.

But despite looming higher duties for goods coming into the U.S., stocks and consumer spending actually went up last month.

CNN's Alicia Wallace has more details.

Thanks, Aaron.

So tariffs left a bigger impression on goods prices in June, which in turn put upward pressure on overall inflation.

Some new data Thursday showed that the Federal Reserve's preferred inflation gauge moved further away from its 2% target rate and heated up to 2.6% in June.

That's the highest rate in four months.

Now, despite this, consumers are generally holding up okay, thanks in part to stock market

gains and continued wage growth. They're spending rose 0.3% in June and 0.1% when

factoring in inflation. Now, those are modest, but by no means are they red flags

about the health of the economy.

Nearly eight million borrowers will see their student loan

balances increase tomorrow, and some are panicking.

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