New York Federal Reserve President John Williams said on Friday the Trump administration's current trade policies will accelerate inflation this year, while adding that it's critical for the U.S. central bank to prevent longer-run expectations of price pressures from becoming unmoored.

Some policymakers at last month’s meeting warned of difficult trade-offs that loom if inflation rises and hiring deteriorates.

Key Takeaways Economists say President Donald Trump's Wednesday announcement of broad-based tariffs on trading partners worldwide will likely push up inflation and increase the chances of a recession.

Inflation just fell for the second consecutive month. Will mortgage interest rates fall now, too? Here's what to know.

The surprise drop, driven by a sharp fall in energy costs, comes as uncertainty around President Trump’s import tariffs leaves the Federal Reserve on hold with interest rates.

The CPI fell last month as gas prices dropped sharply; so did airfares and hotel rooms, a sign prices cooled ahead of tariffs.