The Globe and Mail reports in its Thursday, Feb. 20, edition that U.S. President Donald Trump's initial policy proposals raised inflation concerns at the Federal Reserve, with firms indicating plans to raise prices due to import tariffs. A Reuters dispatch to The Globe reports that at the Jan. 28-29 meeting, participants noted "upside risks to the inflation outlook" rather than job market risks, as revealed in the released minutes. "In particular, participants cited the possible effects of potential changes in trade and immigration policy, the potential for geopolitical developments to disrupt supply chains, or stronger-than-expected household spending." While still having faith that price pressures will ease in coming months, "other factors were cited as having the potential to hinder the disinflation process," the minutes said, including the fact that "business contacts in a number of (Fed) districts had indicated that firms would attempt to pass on to consumers higher input costs arising from potential tariffs." Participants also noted that some measures of inflation expectations, a key concern for the Fed, "had increased recently." Financial markets were little changed after the release of the minutes.