As President Donald Trump continues to fume over Federal Reserve policy, a new report finds inflation is up, while consumer spending and income are down.

While the consumer price index is more commonly known, the Fed relies heavily on the PCE for deciding its stance on monetary policy. At the moment, the Fed is keeping interest rates high – and borrowing costs for consumers elevated – as it wants to see more data on how President Donald Trump’s import tariffs are affecting inflation.

While most Fed officials are in a wait-and-see mode and Fed Chair Jerome Powell reiterated that message this week in testimony before Congress, some officials on the Board of Governors have said they view tariffs as a one-time price increase and are open to cutting short-term interest rates at the late July FOMC meeting.