Nomura expects the U.S. Federal Reserve to cut interest rates by 25 basis points in September, bringing forward its easing forecast, amid signs of milder U.S. inflation in July and early cracks in the labor market.

Someone has to pay the cost of higher U.S. tariffs — and part of the cost finally appears to be falling on consumers. A key measure of the consumer price index known as the core rate of inflation rose 0.

The July consumer price index is expected to show a slight increase in the costs of everyday goods as markets weigh the impact of President Donald Trump’s sweeping tariffs, a more challenging job market and mounting “stagflation” concerns.