In the current economic landscape of the United States, consumers are feeling the impact of inflation across various sectors, and the restaurant industry is no exception.

Indeed, the only guaranteed path for Mr. Trump to get lower interest rates is slower inflation or a weaker job market. Right now, the Fed’s preferred inflation gauge is running closer to 3 percent, still higher than its 2 percent target.

Underlying inflation remained stubbornly hot in June, leading financial markets and many economists to firm up calls for a third straight interest rate hold from the Bank of Canada later this month.

Inflation rose last month to its highest level in four months as the cost of gas, food, and groceries rose, reversing several months of cooling price pressures.

The Australian sharemarket is set to retreat, with futures at 5.06am AEST pointing to a loss of 56 points, or 0.7 per cent, at the open. The ASX rose by 0.7 per cent on Tuesday. The Australian dollar is 0.5 per cent lower at 65.15 us cents at 5.17am.

Tech led US stocks higher on Tuesday as a key consumer inflation print showed inflation accelerated in June, big banks kicked off earnings season, and Nvidia was set to receive a green light for trade with China from the Trump administration.

Federal Reserve chair Jerome Powell recently warned that the United States was at risk of stagflation, a combination of high inflation and economic slowdown. When this happened in the 1970s, capitalists used the crisis to attack organized labor.