Federal Reserve Bank of New York President John C. Williams warned that tariffs could add 1.0% to 1.5% to U.S. inflation by 2025, indicating a potential increase in inflationary pressure. While initial effects have been lower than anticipated, Williams emphasizes the need for continued monitoring and analysis. The potential impact on the dollar’s value and market expectations is acknowledged, with no immediate effect observed on cryptocurrencies. Williams, a leading voice in economic policymaking, acknowledges uncertainty regarding these estimations, suggesting that inflationary effects may persist through the first half of 2025 depending on emerging data points.