Inflation slowed last month. That may not matter to the Fed

But President Donald Trump’ s trade war and other economic headwinds mean the Federal Reserve isn’ t likely to cut interest rates when it meets next week, some economists say— and it might not cut rates until next year. S&P Global projects that new tariffs, if fully implemented, will boost CPI by 50 to 70 basis points, with annual inflation to hover around 3% through…