Some investors had clung to a bit of hope that the Federal Reserve would cut interest rates at its next meeting on July 30. Tuesday's report on inflation brought the chances of that down even further.

New data from the Labor Department shows inflation ticked up to its highest level since February in June with consumer prices rising at an annual rate of 2.7%. CBS News MoneyWatch correspondent Kelly O'Grady has more.

Core inflation eases, but rising headline CPI and energy costs keep inflation concerns alive. Click for our full review of the latest data and its implications.

Rising prices across an array of goods from coffee to audio equipment to home furnishings pulled inflation higher in June in what economists see as evidence of the Trump administration's increasing import taxes passing through to consumers.

Treasuries were mostly steady after Tuesday’s mixed inflation report for June largely matched economists’ expectations and slightly raised bets on interest-rate cuts by the Federal Reserve.