The Consumer Price Index jumped 2.3% in April from the year before, below March’s 2.4% increase, the Bureau of Labor Statistics said Tuesday.

Inflation cooled for the third straight month in April even after some of President Donald Trump’s tariffs took effect, though economists and many business owners expect inflation will climb by this summer.

Stocks have been roaring back since the S&P 500 fell nearly 20 percent below its record last month on hopes that President Donald Trump will ease his stiff tariffs on trading partners worldwide before they create a recession and send inflation spiking higher.

Investors eye more trade deals, updates from President Trump’s trip to the Middle East and fresh consumer inflation data after U.S. stocks soared Monday as investors celebrated major progress on U.S.-China trade talks.

Tamer-than-expected inflation and a significant de-escalation of a U.S.-China trade war are easing fears of a sharp squeeze on American households and businesses in coming months, prompting Wall Street firms to pare predictions of a recession and giving the Federal Reserve room to leave interest rates where they are.