U.S. wholesale inflation cooled last month, despite worries that President Donald Trump’s tariffs would push prices higher.

The deadline for the start of Trump's heaviest tariffs has been delayed a few weeks, but a new report has nonetheless shown that inflation is once again on the rise.

U.S. stocks opened moderately higher on Wednesday, boosted by a tamer-than-expected inflation reading and blowout quarterly results from big banks.

While Tuesday's focus was on the tariff-related inflation hit to Treasuries, it's been a rough week for government bonds everywhere - especially in Japan as long-term yields there hit new highs this week ahead of the July 20 upper house election and related fiscal policy worries.

Progress in bringing down the rate of inflation has halted, at least for now. But even with June’s boost in price growth, economists expect the full effects of higher tariffs to push inflation even higher in the coming months.

Higher inflation could give the Bank of England pause for thought over cutting interest rates.

Wall Street digested a surprisingly cool wholesale inflation reading and more big bank earnings, with one eye on Trump's latest tariff moves.