New York Federal Reserve President John Williams said on Friday the Trump administration's current trade policies will accelerate inflation this year, while adding that it's critical for the U.S. central bank to prevent longer-run expectations of price pressures from becoming unmoored.

Key Takeaways Federal Reserve officials are bracing for President Donald Trump's tariffs to impede both of the central bank's goals of keeping inflation in check and employment high.Fed officials said tariffs could raise consumer prices,