Federal Reserve Governor Lisa Cook said she sees slower economic growth this year and stalled progress on lowering inflation amid tariffs and other policy changes, but that policymakers should hold interest rates steady for now.

U.S. Federal Reserve officials who have said they needed more details before estimating the economic impact of President Donald Trump's trade plans got perhaps more than they bargained for on Wednesday when he unveiled sweeping tariffs analysts say could dramatically reshuffle the country's economic outlook.

The trade uncertainty fueled by recent tariffs will likely raise the risks of higher inflation and slower growth, and pose challenges for Federal Reserve policy, a senior banking official said