There’s a growing sense among some inside the Federal Reserve that President Donald Trump’s willingness to use tariffs as a tool to accomplish his administration’s aims will end up boosting inflation,

The full suite of tariffs sought by the administration would have created notable upward pressure for already high levels of inflation, a report said.

Federal Reserve Bank of Chicago President Austan Goolsbee said persistent, outsize tariffs could renew supply-chain disruptions and drive up inflation.