Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.

While Tuesday's focus was on the tariff-related inflation hit to Treasuries, it's been a rough week for government bonds everywhere - especially in Japan as long-term yields there hit new highs this week ahead of the July 20 upper house election and related fiscal policy worries.

Inflation in June showed scattered signs of rising costs tied to the Trump tariffs, but Americans simply aren’t paying sharply higher prices because of U.S. trade wars. Here are four things we learned from the latest consumer-price index report.

Markets aren’t acting like this is a reality, however. Benchmark 2-year U.S. Treasury note yields rose just two basis points following the inflation release, to 3.946%, and 10-year paper is holding at 4.475%. Stocks are also trading at the highest levels on record.

Consumer prices posted the biggest increase in June in five months and are likely to keep the Federal Reserve from cutting interest rates soon, but there only scattered signs of tariff-related inflation.

June’s inflation report will be looked at not so much for what the headline numbers show than what’s in the underlying data.

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