Stocks (^GSPC, ^IXIC, ^DJI) have rallied, but traders are bracing for Tuesday's Consumer Price Index (CPI) report to see if tariffs are starting to show up in inflation data. Yahoo Finance Markets Reporter Josh Schafer joins Morning Brief to outline what to watch in the June CPI print and how it could shape expectations for future Federal Reserve interest rate cuts.

"Toward the end of the year, the housing market may become a bigger deal for inflation than tariffs," Comerica Bank chief economist Bill Adams said.

Right now, inflation is still hovering just above the Federal Reserve’s target and data is mixed. That’s why Fed Chair Jerome Powell is keeping rates steady, despite public calls for action