Federal Reserve officials saw an increased risk that tariffs would boost inflation, even though they didn't know the magnitude of tariffs that President Donald Trump would impose in early April, according to the minutes of the FOMC's March 18-19 meeting.

U.S. Federal Reserve policymakers were nearly unanimous at their meeting last month that the U.S. economy faced risks of simultaneously higher inflation and slower growth, with some policymakers noting that "difficult tradeoffs" could lie ahead for the central bank,

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