Previous polling showed that the economy was the most important issue to voters in the 2024 election—with many casting their ballots for Trump, who was inaugurated last month, hoping he would fulfill his pledge to curb inflation while revitalizing U.S. trade and industry.

American consumers could see price hikes if former President Donald Trump moves forward with proposed tariffs, the Federal Reserve warned in minutes from its January meeting. The minutes noted concerns that tariffs might hinder the disinflation process,