New Delhi, April 12 -- New York Federal Reserve President John Williams said on Friday the Trump administration's current trade policies will accelerate inflation this year, while adding that it's critical for the U.S. central bank to prevent longer-run expectations of price pressures from becoming unmoored.

"It's hard to know with any precision how the economy will evolve," Williams said as part of public remarks delivered to the Puerto Rico Chamber of Commerce. "Given the uncertain effects of recently announced tariffs and other policy changes, there is an unusually wide range of outcomes that could transpire."

In light of that uncertainty tied to President Donald Trump's moves to impose hefty import taxes on a wide range of U.S. trad...