Internet reports that Nick Timiraos, the "sounding board of the Federal Reserve", said that Federal Reserve officials said at a meeting earlier this month that they were worried that a sharp increase in tariffs would push up prices and possibly trigger higher inflation. The latest minutes of the meeting show that policymakers are basically unanimous that their wait-and-see policy stance should not be changed as economic uncertainty intensifies and unemployment and inflation risks increase. "Participants agreed that uncertainty about the economic outlook has increased further, so caution is appropriate until the net economic impact of a series of changes in government policies becomes clearer," the minutes said. During a meeting of officials from mid-March to early May, Trump raised tariffs on most U.S. trading partners and subsequently suspended some of the most aggressive tax increases.