The consumer-price index for June, due at 8:30 a.m. ET, will indicate how President Trump’s tariffs are feeding into the prices shoppers pay for goods and services.

Economists forecast annual inflation picked up to 2.7%, according to a Wall Street Journal poll.

Across the pond, U.K. Treasury chief Rachel Reeves on Tuesday night will outline plans to kick the country’s huge financial industry into a higher gear.

The planned address reflects a new willingness in both the U.S. and the U.K. to rethink tough banking regulations—rules put in place to stop the kind of financial crisis that enveloped the world nearly two decades ago.

While the consumer price indexes for April and May showed limited effects from tariffs, market participants and Federal Reserve officials doubt that will last. They are carefully monitoring the June inflation data for signals about how significantly, and how quickly, the tariffs are flowing through to consumer prices.

The Bureau of Labor Statistics will release the June consumer price index on Tuesday at 8:30 a.m. Eastern.

Inflation is expected to register 2.6% year over year for June, according to economists surveyed by FactSet. That would be a pickup from the 2.4% annual pace set in May and the largest jump so far this year. On a monthly basis, economists expect headline inflation was 0.3% in June, a significant acceleration from the 0.1% pace set in May.

Core CPI—which excludes the more volatile prices of energy and food and is considered a better gauge of inflation’s future path—is expected to measure 3% year over year in June, up from the 2.8% in May. The monthly pace of core inflation is anticipated to round to 0.3%, compared with 0.1% in May. (Barron's)

The Reserve Bank of Australia was the source of widespread consternation a week ago, when it kept interest rates on hold despite financial markets and economists fully expecting it to deliver its third cut since the start of the year.

The intense upset that surrounded the policy meeting outcome could escalate quickly in the coming months, fueling demands for greater transparency around the RBA’s policy-setting board itself. Read more.

President Trump’s whirlwind of trade moves is driven by a bet that keeping other countries guessing will allow him to better dictate negotiating terms with trading partners, ultimately making it easier to bend them to his will, according to Trump’s aides and allies. The downside risks of that bet have become clearer in recent days. 

U.K. Treasury chief Rachel Reeves plans to acknowledge banks’ concerns about the ringfence, a signature British defense against banking meltdowns, people familiar with the matter said—though she won’t commit to wholesale changes. The industry has stepped up calls to water down the measure, which requires big lenders to separate retail-banking operations into different entities.

Crypto is continuing its bull run at the start of what has been dubbed “Crypto Week” in Washington, where the House of Representatives will consider three bills with the potential to overhaul U.S. crypto policy. The bills set to be considered are the Clarity Act, the Genius Act and the Anti-CBDC Surveillance State Act.

Australia's central bank has proposed scrapping surcharges on card payments in a shake-up of what it said were outdated rules costing consumers and businesses billions every year. The Reserve Bank of Australia on Tuesday said the current surcharge framework is no longer steering consumers toward cheaper payment methods. (Dow Jones Newswires)

8:30 a.m.: CPI Data
8:30 a.m.: Real Earnings
8:30 a.m.: Empire State Manufacturing Survey
9 a.m.: Johnson Redbook Retail Sales Index
1 p.m.: Federal Reserve Bank of Richmond President Thomas Barkin speaks before the Greater Baltimore Committee
7:45 p.m.: FRB Dallas President Lorie Logan speaks at 'The View from the Fed' event

7 a.m.: MBA Weekly Mortgage Applications Survey
8 a.m.: Federal Reserve Bank of Richmond President Thomas Barkin speaks before the Carroll County EDA and Chamber
8:30 a.m.: PPI Data
9:15 a.m.: Industrial Production and Capacity Utilization
9:15 a.m.: FRB Cleveland President Beth Hammack speaks at Cuyahoga County Community College event
10 a.m.: Online Help Wanted Index
10 a.m.: Brookings Institution hosts conversation with Federal Reserve Governor Michael Barr
2 p.m.: U.S. Federal Reserve Beige Book
6:30 p.m.: FRB New York President John Williams speaks at NYABE event

June inflation data will likely show more price pressures than May's, but it might not yet reflect the full brunt of tariffs, independent analyst Omair Sharif writes. "It's not clear that it will contain the type of data that will make it abundantly clear that tariffs are being passed onto consumers," he writes. To judge the trajectory, look to subcomponents of categories like household furnishings and recreation goods, he suggests. If a greater share of items in these categories are posting larger-than-usual price increases, "it would suggest that retailers are becoming more comfortable passing on higher costs to consumers," Sharif writes. — Matt Grossman

• President Trump is raising new trade-war threats against Europe, and costs to move products like cars, pharmaceutical products and airplane parts across the Atlantic are at stake. We break it down.
• An Italian court lifted two conditions imposed by officials on UniCredit’s bid for Banco, while upholding others, marking the latest development in a takeover battle set to reshape the country’s banking sector. 
• The Treasury Department is issuing billions of short-term debt and Wall Street is keeping a close watch on whether it trips a fuse in the funding market. No trouble is expected in the near-term—but beyond that, worries loom. (Barron’s)
• The European Union is readying a fresh list of American products—ranging from aircraft to alcoholic beverages, coffee and medical devices—to hit with retaliatory tariffs if a trade deal isn’t reached by President Trump’s Aug. 1 deadline.
• The European Union’s top trade negotiator said he will speak to his U.S. counterparts again after President Trump threatened to impose a 30% tariff on goods from the bloc over the weekend.
• Factory output in the eurozone partly rebounded from a tariff-induced slump in May, but trade is likely to remain a headwind even as manufacturers harbor hopes of better times on government pledges to increase defense and infrastructure spending.
• Growing fears that Japan’s upcoming parliamentary election will strain its fiscal position sent yields on long-dated government bonds sharply higher.
• China’s economy showed resilience in a turbulent first half of the year, remaining on track to hit its official growth target for the year despite President Trump’s shifting tariff assault.

WSJ Pro Central Banking brings you central banking news, analysis and insights from WSJ’s global team of reporters and editors. This newsletter was compiled by news associate Roshan Fernandez in New York. Send your tips, suggestions and feedback to roshan.fernandez@wsj.com.