According to online reports, Federal Reserve Williams hinted that he was reluctant to support interest rate cuts before this month's FOMC meeting. He believes that tariffs may further push up inflation. Williams said price data already shows that new trade barriers set up by the Trump administration are raising the cost of some consumer goods. Williams predicts there may be more price increases in the future. "For goods that are more vulnerable to high tariffs... price increases so far this year have far exceeded expectations based on past trends." Williams was referring to products such as home appliances, musical instruments and luggage. Williams said the Fed should be cautious about lowering benchmark interest rates for now, given the risk of accelerating inflation in the rest of 2025. "It is entirely appropriate to maintain this moderately restrictive monetary policy stance," Williams said. He also predicted that by the end of 2025, the unemployment rate will rise to 4.5%, the inflation rate will reach 3.5%, and this year's economic growth rate will be around 1%, which is significantly slower than last year.