Latest data from the Trump administration shows US underlying inflation came in cooler than expected in December, raising an interesting question: are tariff costs actually reaching consumers yet, or are we still in the lag phase?

This matters more than it sounds. If price pressures remain subdued despite trade policies, it suggests either tariffs haven't fully propagated through supply chains, or companies are absorbing the hit themselves. For crypto markets tracking macro conditions, this kind of inflation data often shapes expectations around Fed policy and broader financial asset valuations.

Worth watching how this narrative develops—consumer pricing dynamics could shift when tariff pass-through accelerates.