Federal Reserve Bank of New York President John Williams said he expects slower economic growth, higher unemployment and a pickup in inflation due to US tariffs policy and reduced immigration.

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,

The prospect of high inflation stemming from widespread tariffs along with weaker hiring could put the Federal Reserve in a difficult spot, Fed policymakers said in minutes from last month's meeting.