Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Tuesday, July 15th, and I'm your host, Kim Khan. Our top story so far.

A mixed retail inflation report indicated that tariffs are starting to have upward pressure on prices.

The June consumer

price index rose 0.3% month on month in line with the consensus in accelerating from the 0.1% increase

in May. The annual rate rose to 2.7% versus 2.6% consensus and 2.4% prior. The core CPI, which

excludes food and energy, increased 0.2% month on month,

slightly less than the 0.3% expected, and hotter than the 0.1% increase in the prior month.

Annually, the core number rose 2.9% versus the 3% consensus and 2.8% prior.

Pantheon macroeconomist Samuel Toombs says,

tariff costs are strikingly visible in June CPI data.

Core goods prices, excluding autos, rose 0.5%, the most since June 2022,

as prices rose especially sharply for goods which are primarily imported and less quickly

for those that are mainly made in the U.S., he said.

For instance, appliance prices let by 1.9%, sports equipment prices advanced by 1.8%,

toy prices also jumped by 1.8%, and video and audio product prices increased by 1.1%.

Mobile phones are one of the two major outliers, as they remain exempt from tariffs.

New vehicle prices also have

been unresponsive to tariffs so far, falling by a further 0.3% in June, but increases in list

prices by some auto manufacturers towards the end of June suggests prices will jump in July.

Skyler Wynand, CIO at Reagan Capital, says with Tuesday's inflation data, we are now even further from the Fed's

2% target, which means the Fed is in no position to cut interest rates until at least September.

...