Federal Reserve policymakers were nearly unanimous at their meeting last month that the US economy faced risks of simultaneously higher inflation and slower growth, with some policymakers noting that “difficult tradeoffs” could lie ahead for the central bank,

Goldman Sachs Group Inc. economists raised their recession probability assessment and brought forward the forecast timing of the next US Federal Reserve interest-rate cut following the Trump administration’s tariff announcement.

Traders boosted bets the Federal Reserve will start cutting interest rates in June and deliver a total of three quarter-point reductions to the policy rate by October, as U.S. President Donald Trump announced new tariffs on imports,