Minutes from the May meeting of the Federal Reserve’s interest rate-setting committee show stagflationary risk to the economy as a result of new White House trade policies and higher projections for unemployment through the next couple of years.

Fed bankers weighed in with their outlook for the economy in the middle of Trump’s tariff blitz, prior to the trade truce with China earlier this month that paused mutually imposed triple-digit tariffs.

However, the decidedly cooler outlook is likely to factor into the Fed’s next formal summary of economy projections as the White House pushes ahead with numerous........

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