Christopher J. Waller argued that the effect of tariffs on prices could be short-lived, but he warned about a bigger hit to growth.

Officials at the Federal Reserve said this week that the U.S. economy is in for higher inflation and slower growth as President Donald Trump's trade war heats up. Several Fed officials indicated that inflation is their biggest concern.

Federal Reserve Bank of Boston President Susan Collins said Thursday that large trade tariffs now being pursued by the Trump administration will almost certainly drive inflation higher and depress growth,