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

Federal Reserve officials at a meeting last month pointed to rising risks that inflation could worsen, a key reason they kept their benchmark interest rate unchanged.

The Federal Reserve might be forced to cut interest rates if president Donald Trump’s tariffs push inflation higher. Officials at the Fed held rates steady in January, but the new meeting minutes released on Wednesday showed some serious concerns about Trump’s latest tariff threats on cars,