TARIFFS LIKELY TO BOOST INFLATION, GOLDMAN SACHS SAYS Goldman Sachs expects tariffs to raise goods prices and overall inflation in the coming months. In May’s CPI data (out Wednesday), they predict a small impact—core inflation rising 0.05 percentage point to 0.25% month-over-month. By year-end, core inflation could reach 3.5%, up from April’s 2.8%, despite easing pressures from labor, housing, and autos. They expect flat hotel and airfare prices, with most inflation coming from goods, not services, in the short term.