Federal Reserve Bank of New York President John Williams said he anticipates tariffs will contribute to inflation, but emphasized there is a lot of uncertainty about how the economy will respond to President Donald Trump’s levies.

Concern about U.S. import duties “is clearly influencing how people are thinking about inflation this year,” New York Federal Reserve Bank President John Williams said.

Federal Reserve Bank of New York President John Williams said on Tuesday that Trump administration tariffs will have some impact on driving up price pressures but there is still a lot of uncertainty how this will all play out.

U.S. interest-rate policy is in a good place and there is no need “to change it right away,” New York Fed President John Williams said on Tuesday.