Everyone that I know is forecasting a meaningful increase in inflation in coming months from tariffs.

Tariffs this year are likely to push up prices and weigh on economic activity.

we don’t take into consideration political factors

Part of that is due to the start-stop nature of the tariffs that have been introduced.

'Everyone that I know is forecasting a meaningful increase in inflation in coming months from tariffs.'

If we make a mistake, people will pay the cost for a long time.

The U.S. economy was in solid shape, but warned of very high uncertainty due to the impact of tariffs.

the economy was 'in solid shape'

The effects on inflation could be short lived — reflecting a one-time shift in the price level.

Policy changes continue to evolve, and their effects on the economy remain uncertain.

The threat of worsening inflation, plus the uncertainty Trump has generated through his trade war and immigration policies, are causing the Fed to adopt a wait-and-see approach.

The things that are sold at retail now might have been put into inventory before the tariffs, so we think we should see [higher prices] over the summer.