While pundits looked with their magnifying glasses for tariffs in consumer goods prices, it was in services, which are not tariffed, where inflation took off again.

Inflation in June showed scattered signs of rising costs tied to the Trump tariffs, but Americans simply aren’t paying sharply higher prices because of U.S. trade wars. Here are four things we learned from the latest consumer-price index report.

Stock futures were mostly lower Wednesday as inflation fears kept markets under pressure despite cooler-than-expected consumer price index data and strong bank earnings. There’s more of both for investors to digest this morning with Goldman Sachs,

CPI data shows inflation fell to 4% in May, a new 2-year low, as gas prices, food price gains eased. Core consumer price increases remained high.

Services inflation, especially rent and shelter inflation, continued to decline, offsetting rising core goods inflation that may be influenced by tariffs, Steve Hou, a quant researcher at Bloomberg, said in a Tuesday post on X.

U.S. Core CPI was lighter than expected for the fifth straight month as slowing services inflation helped to offset higher goods prices.

Both the S&P 500 (.SPX) and Nasdaq (.IXIC) - and by extension, MSCI's world equities index (.MIWD00000PUS) - retreated from record peaks after traders shaved back bets of U.S. rate cuts this year as prices rose for things such as coffee and couches, while staying steady for tariff-exempted (for now) items such as cars.