Goldman Sachs is taking the heat for its call that heavier tariff-induced consumer inflation is ahead, but it's far from alone in that view.

Falling gas prices helped keep overall inflation tame in July; however, a broader array of products got even more expensive last month, showing that President Donald Trump’s expansive tariffs are being passed along to consumers.

Stocks surged and investors' rate cut hopes climbed following Tuesday's better-than-expected inflation report. But simmering beneath the surface is an increasingly complicated economic picture. Ron Insana and David Gura join the 11th Hour to discuss.