Key Takeaways Federal Reserve officials speaking Friday emphasized the risks that tariffs imposed by the Trump administration will stoke inflation.The Fed, which manages the nation's monetary policy with the goal of keeping inflation and unemployment in check,

Federal Reserve governor Michael Barr and New York Fed president John Williams warned Friday that President Trump's tariffs are expected to lead to higher inflation, elevated unemployment, and slower economic growth this year.

President Donald Trump's unfolding trade policy may curb U.S. productivity and possibly require higher interest rates to contain inflation in a less efficient economy, Federal Reserve governor Lisa Cook said on Friday.