US consumer prices probably picked up in April after the smallest advance in nine months, foreshadowing a broader acceleration as many companies seek to pass on higher tariffs.

Federal Reserve governor Michael Barr and New York Fed president John Williams warned Friday that President Trump’s tariffs are expected to lead to higher inflation, elevated unemployment and slower economic growth this year.

The Federal Reserve is holding interest rates steady as it navigates uncertainty kicked up by a president who keeps pressuring the central bank to lower them.