Williams, the President of the Federal Reserve Bank of New York (who has permanent voting rights on the FOMC and is known as the "third-in-command" of the Federal Reserve), stated: "We are beginning to assess the impact of Trump's tariffs on prices."

The impact of tariffs still carries a lot of uncertainty.

The effect of tariffs on American consumers will largely be a one-time event.

Prices are likely to rise to some extent in the future.

We are closely monitoring inflation expectations.

The U.S. economy remains in good shape.

The FOMC's monetary policy is in good condition and moderately restrictive.

Inflation is expected to gradually return to 2% over time.

There is no need to adjust policy at this stage.

Growth is expected to slow compared to 2024