Internet reports that Federal Reserve policymakers said at a meeting held about a week after Trump took office on January 20 that Trump's preliminary policy recommendations triggered the Federal Reserve's concerns about rising inflation. According to released minutes of the meeting, participants "generally pointed to upside risks to the inflation outlook" rather than risks to the job market. "Participants specifically mentioned potential changes in trade and immigration policies, the possibility of geopolitical developments disrupting supply chains or the possible impact of stronger-than-expected household spending." The minutes said that while participants remained confident that price pressures would continue to ease,"other factors were believed to have the potential to hinder the anti-inflation process," including "some (Fed) regional business contacts saying companies will try to pass on higher input costs from potential tariffs to consumers." Participants also noted that as a key concern for the Fed, some measures of inflation expectations have "recently increased."