"Fed megaphone": Fed meeting notes highlight concerns about rising prices

"Fed mouthpiece" Nick Timiraos said Fed officials said at their meeting earlier this month that they were concerned that a sharp increase in tariffs would push up prices and could trigger higher inflation. The latest meeting notes showed that policymakers were largely in agreement that heightened economic uncertainty and increased unemployment and inflation risks should not alter their wait-and-see policy stance. "Participants agreed that uncertainty about the economic outlook has increased further, so caution is appropriate until the net economic impact of a series of changes in government policy becomes clearer," the meeting notes said. During a meeting of officials between mid-March and early May, Trump raised tariffs on most of America's trading partners, then suspended some of the most aggressive tax increases.