Wall Street braced for another inflation checkup after Tuesday's consumer price reading spurred traders to pare bets on Fed rate cuts in the coming months.

CPI data reveals inflation trends, with core at 2.9%. Service sector inflation rises, suggesting the Fed may hold rates steady through year-end. Read more here.

Key Takeaways Inflation rose in June, moving further from the Federal Reserve's goal of 2% each year.This flare of inflation will likely discourage the Fed from cutting its influential interest rate later this month.

The Federal Reserve will likely be able to start cutting short-term borrowing costs by September, traders continued to bet on Tuesday, after a government report showed a widely expected increase in consumer prices last month.

Egg prices cooled significantly in June, deviating from an overall rise in prices. The price of eggs climbed 27% over the year ending in June, which marked a slowdown from 41% year-over-year growth in May. Under Trump, inflation has defied doomsday predictions and helped to propel sturdy economic performance.

New data from the Labor Department shows inflation ticked up to its highest level since February in June with consumer prices rising at an annual rate of 2.7%. CBS News MoneyWatch correspondent Kelly O'Grady has more.

The U.S. central bank will probably need to leave interest rates where they are for a while longer to ensure inflation stays low in the face of upward pressure from the Trump administration's tariffs,

Inflation rose last month to its highest level since February as President Donald Trump’s sweeping tariffs push up the cost of everything from groceries and clothes to furniture and

National Economic Council Director Kevin Hassett, a top economic advisor to Trump, on Monday rebuked concerns about tariff-related inflation. The Fed, Hassett told CNBC, has been "very, very wrong" in its assessment of a potential resurgence of price increases.