President Donald Trump is ratcheting up pressure on the Federal Reserve to cut interest rates, accusing Fed Chair Jerome H. Powell of “playing politics” and of acting too slowly to respond to changes in the economy.

A new survey from the University of Michigan shows consumers souring sharply on the economic outlook as the trade war heats up.

Now, Mr. Trump’s tariffs will raise prices. With consumer expectations of rising inflation, those won’t be one-off effects, as Treasury Secretary Scott Bessent argues the Fed should believe. Rather, they will become embedded in workers’ wage demands.