The administration's piecemeal approach may be damaging, Fed officials say, as businesses and consumers adjust to an outlook that seems unpredictable.

Business leaders across the country told Federal Reserve officials that they will try to pass along to consumers any higher costs resulting from potential Trump tariffs, according to minutes of the central bank’s January meeting,

Minutes from the Federal Reserve's January meeting released on Wednesday revealed members of its committee believe Trump's policies might "hinder the disinflation process". "Business contacts in a number of districts had indicated that firms would attempt to pass on to consumers higher input costs arising from potential tariffs,