Federal Reserve member Williams: Trump's tariffs could ignite inflation.

John Williams, a member of the Federal Reserve Bank of New York, said early on Wednesday that tariffs may have some current effects on inflation based on what we know today and given all the uncertainties surrounding it.

The U.S. official also believed that some of these effects might appear later this year. Additionally, Williams pointed out the following:

• Trump's tariffs are likely to lead to higher inflation.
• Consideration should be given to how this affects economic activity, especially companies' investment decisions and consumers' spending.
• This is where I think there is significant additional uncertainty.
• Tariffs can affect growth as well as sentiment.
• The inflation rate will see some impact from tariffs.
• There is still a lot of uncertainty regarding how tariffs will be implemented.
• The details of the tariffs are key.
• The Federal Reserve is closely monitoring inflation expectations.
• It is worth watching the inflation expectations data released by the University of Michigan.
• Data from the Federal Reserve Bank of New York showed more stability.