According to recently released minutes of the 28-29 January meeting, officials said President Trump's proposed tariffs and mass deportations of migrants, as well as strong consumer spending, were factors that could push inflation higher this year.

Participants at the U.S. central bank's January 28-29 meeting "generally pointed to the upside risks to the inflation outlook," rather than risks to job market, according to the minutes from the meeting,

Federal Reserve officials are taking note of what they see as rising inflation risks and the uncertain impact of President Donald Trump's trade, immigration and other policies. On Thursday, several signaled they still feel that cooling U.