According to Goldman Sachs, the inflationary impact of Trump's tariffs on U.S. consumer prices is just beginning. As companies pass costs to consumers, core inflation is projected to accelerate to 3.2%. This adds a new layer of uncertainty to the Fed's policy, complicating its rate-cutting trajectory. Bond markets are closely watching upcoming inflation data for clues on the central bank's next move, with trade wars and inflation risks becoming major concerns.