During a speech in Puerto Rico, New York Fed president John Williams revised his economic outlook for the US due to President Trump's tariffs. He now predicts economic growth will slow to below 1% and inflation will reach 3.5% to 4%, leading the unemployment rate to rise to 5%. These projections differ significantly from the median estimates of all Fed officials in March. Williams emphasized the importance of managing risks with appropriate monetary policy to keep inflation expectations stable. Other Fed officials, like Boston Fed president Susan Collins, also anticipate weaker growth and higher inflation if tariffs remain in place. Collins highlighted the uncertainty businesses are facing due to the tariffs, which could impact inflation and economic growth.