Equity markets turned negative on Thursday and gold hit a record high amid Federal Reserve concerns that US President Donald Trump's tariffs and immigration measures could reignite inflation.

The losses come despite a second-straight record close on Wall Street and follow a recent rally as traders have rolled with the president's latest tariff salvos, betting that they are being used as negotiating tactics.

Minutes from the US central bank's January meeting suggested officials were not likely to cut interest rates any time soon -- having reduced them at three successive meetings -- citing worries about the impact of Trump's policies.

Decision makers expected that "under appropriate monetary policy, inflation would continue to move toward (their target of) two percent, although progress could remain uneven", the minutes said.

But without referring to Trump by name, the minutes said policymakers raised concerns that "the effects of potential changes in trade and immigration policy" could complicate the disinflation process.

The remarks come after a number of economists warned that the Republican's pledge to ramp up tariffs........

© International Business Times