"Fed's listening device": Fed meeting minutes highlight concerns about rising prices.

"Federal Reserve Whisperer" Nick Timiraos stated that Federal Reserve officials expressed concern at an earlier meeting this month that a significant increase in tariffs could push up prices and potentially lead to higher inflation. The latest meeting minutes showed that policymakers generally agreed that economic uncertainty was escalating, and risks of unemployment and inflation were increasing, therefore they should not change their wait-and-see policy stance. The meeting minutes stated, "Participants agreed that uncertainty about the economic outlook has increased further, so caution is appropriate until the net economic impact of a series of government policy changes becomes clearer." During the officials' meeting from mid-March to early May, Trump raised tariffs on most U.S. trading partners, only to later suspend some of the most aggressive tax increases.