The risk is that a hotter-than-expected June inflation report — one that Fed Chair Jerome Powell recently called among the most important for assessing the impact of tariffs — could slow the pace at which the central bank lowers interest rates. Importantly, that could also throw a wrench into the stock market’s record-setting rally.

A changing pricing environment and renewed social inflation worries will be among the focal points for US property and casualty insurers when they release second quarter results.

Energy and housing costs were the major drivers of inflation, but consumers are starting to feel the impact of tariffs on basic goods.