New York Federal Reserve Governor Adriana Kugler said larger price increases related to President Donald Trump's tariffs are likely, and that she supports holding interest rates steady if upside risks to inflation linger. "Disinflation has slowed, and we are already seeing the effects of higher tariffs, which I expect will continue to raise inflation over 2025," Kugler said Thursday. "I see greater upside risks to inflation at this juncture and potential downside risks to employment and output growth down the road."

Schmid Uncomfortable with tariff-driven price push
Kansas City Federal Reserve Bank President Jeff Schmid has expressed concern that tariffs could rekindle inflation, saying upward price pressure could be apparent in coming months but not fully known for much longer.

Harker says outlook unsettled, but economy resilient
Philadelphia Federal Reserve President Patrick Harker said on Thursday the economic outlook is too unsettled right now to say what's next for monetary policy. "America's economy remains resilient," Harker said in the text of a prepared speech. "I do not see any dangerous cracks in the foundation. But there are stressors on this foundation."