The Bureau of Labor Statistics (BLS) releases the July inflation data today [RELEASE HERE].  Overall, inflation remains low and stable with a July outcome of 0.2 percent, 2.7 percent year over year.

The prices for highly consumable goods like food at home are declining, meanwhile the prices of long-term durable goods is ticking up.  Put another way, the prices of the stuff we export are lower, the prices of the imported durable goods are a little higher.  Put them together and the aggregate inflation is stable.  WATCH:

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We should anticipate these similar economic outcomes as the baseline tariffs and reciprocal tariff rates begin solidifying.  The largest portion of the tariff rates will be absorbed by the producers, the pass-through rate will be far less.

Additionally, highly consumable goods like food and energy products should remain stable with downward price pressure as the cost of production drops.