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.

John Williams, the president of the New York Fed, warned that newly implemented tariffs have lowered the U.S. growth outlook and raised his expectations for inflation and unemployment. In a speech in Puerto Rico Friday,

Federal Reserve Bank of Kansas City President Jeff Schmid said he would prioritize reining in inflation if US central bankers are forced to balance their price stability goal against their mandate for full employment.