How concerned Federal Reserve officials were over stagflation risks as they met last month may become more clear on Wednesday in a readout of a gathering held before President Donald Trump's April 2 tariff announcement shook markets and made forecasts for higher inflation and slower growth more widespread.

President Donald Trump's "reciprocal' tariffs against U.S. trading partners went into effect at midnight Wednesday, raising costs to import goods from China, Europe Southeast Asia and more.

They could not have imagined a president would use emergency authority to bypass Congress and impose tariffs on the entire world.”