Fitch: The impact of tariffs has not yet been reflected in US inflation data Brian Coulton, Chief Economist at Fitch Ratings, said: "The decline in core inflation rate in March will certainly be welcomed by the Federal Reserve, especially with a significant decrease in core goods and services. But we know that before the tariff increase, companies had already absorbed a large amount of imports in January and February, so the impact of the tariff increase on consumer prices has not yet been reflected