Americans love using their credit cards, the most secure and hassle-free way to pay.

But DC politicians want to change that with the Durban Marshall Credit Card Bill.

This bill lets corporate megastores pick how your credit card is processed,

allowing them to use untested payment networks that jeopardize your data security and rewards.

Corporate megastores will make more money and you pay the price. Tell

Congress to guard your card because Americans lose when politicians choose. Learn more at guard

your card.com. From the opinion pages of the Wall Street Journal, this is Potomac Watch.

Inflation ticks upward again to 2.7% year over year, according to new data for June.

Is this a sign perhaps of some early effects from President Trump's tariffs and trade wars?

How will this affect the Fed Chair Jerome Powell's thinking about the economy, and how will that

in turn affect the White House's thinking about the Fed and Jerome Powell? Welcome him, Kyle Peterson,

with the Wall Street Journal. We're joined today by my colleague, columnist, and experienced Fed Watcher,

Joe Sternberg. The Bureau of Labor Statistics announced Tuesday morning

that the Consumer Price Index had risen 2.7% year over year at the end of the month of June.

Some notable increases household furnishings and operations in June were up 1%. Apparel was up with 0.4% in the month of June.

And the battle for what these figures might mean was joined already before they even came out.

Here is Treasury Secretary Scott Besant on Bloomberg this morning before the CPI release.

I wouldn't put too much emphasis on one number.

I think it's the trend.

And I think one thing that Wall Street, a lot of economists,

market in general got wrong early on,

was that tariffs were going to cause a substantial price level rise, which just hasn't happened.

...