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

President Donald Trump's initial policy proposals raised concern at the Federal Reserve about higher inflation, with firms telling the U.S. central bank they generally expected to raise prices to pass along the cost of import tariffs,

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