There’s a growing sense among some inside the Federal Reserve that President Donald Trump’s willingness to use tariffs as a tool to accomplish his administration’s aims will end up boosting inflation,

Fresh tariffs amid high inflation are making the Fed’s job uniquely difficult and feeding uncertainty about what to expect for interest rates this year.

The full suite of tariffs sought by the Trump administration would have created notable upward pressure for already high levels of inflation, a report by the Federal Reserve Bank of Boston released on Thursday said.

Trump’s arrival has added to pre-existing worries. Despite an International Monetary Fund official declaring in October that the battle against inflation was “almost won,” attendees at the World Economic Forum in Davos last month harbored open doubts.

Key Takeaways President Donald Trump's proposed tariffs could disrupt global supply chains, one Fed official warned Wednesday.Tariffs could bring an unwelcome replay of a pandemic-era phenomenon: supply disruptions had a domino effect,

The Trump administration's plans for trade tariffs come with inflation risks, three Federal Reserve officials warned on Monday, with one arguing that uncertainty over the outlook for prices calls for slower interest-rate cuts than otherwise.

Federal Reserve Bank of Chicago President Austan Goolsbee said persistent, outsize tariffs could renew supply-chain disruptions and drive up inflation.