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.

New York Fed president John Williams on Friday said he lowered his outlook for the US economy and raised his expectation for inflation this year on account of President Trump’s tariffs. Williams now expects economic growth to slow this year to "somewhat below 1%" and inflation to rise to somewhere between 3.

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.