US Fed Officials See Higher Inflation Ahead As Consumer Confidence Plunges

Boston Fed President, seen in a handout from February 2022, said she expects higher inflation and slower growth (Credit: AFP)

Policymakers at the US Federal Reserve on Friday warned of higher inflation and slower growth ahead due to Donald Trump's tariff policy, which has sent shock waves through global markets.

The US president imposed sweeping import taxes on dozens of countries, only to abruptly roll many of them back to 10 percent after stock and bond markets reacted sharply, while leaving China with new tariffs totaling 145 percent.