Tariff revenues surged dramatically, yet so far, there’s been minimal impact on CPI or core goods inflation. Click here for more information on the US Economy.

Before the open, investors will parse June inflation data to look for signs President Donald Trump's tariffs are fueling higher prices for consumers.

The Journal’s first-quarter survey was conducted at a time when anxiety over swiftly changing tariffs was at its peak. The mood has since calmed, largely because many of the threatened tariffs were postponed. Even so, the economists surveyed remain “relatively downbeat,” describing the outlook as only “slightly” improved since the first quarter.

Kris Kraus, a managing director and portfolio manager at investment firm Pimco, joins WSJ’s Take On the Week podcast to talk about indicators on consumer health, and what we should—and shouldn’t—be worried about as tariffs start to hit our pocketbooks and portfolios.

Equities kicked off Monday strong after a fresh round of tariff threats over the weekend. The S&P 500 gained 0.17%, closing within 0.2% several points of its all-time high, set on Thursday. The Dow rose 0.2% and the tech-heavy Nasdaq gained 0.27%.

Markets are dropping off from record highs with Trump's tariffs in focus as key inflation data and earnings season loom.

Where’s all the inflation from the Trump trade wars? So far, the evidence really hasn’t shown up — but many economists say it’s coming soon, perhaps as soon as this week.

But while the underlying narrative remains that there will be a negative impact on the economy going forward, there is some hope that it will not be quite as bad as feared, according to a new survey of economists.