Federal Reserve Bank of New York President John Williams declined on Wednesday to comment on President Donald Trump’s attacks on the central bank and what it might mean if the president were to somehow remove the Fed’s leader from office.

Goldman Sachs Chief Executive David Solomon, Bank of America head Brian Moynihan and Citigroup’s Jane Fraser said on Wednesday the central bank’s ability to operate without White House or political interference is critical to the U.S. economy and financial markets. They followed JPMorgan Chase CEO Jamie Dimon, who said the same thing on Tuesday.

Higher tariffs put in place by the Trump White House this year have started to increase inflation, and these effects are likely to increase in the coming months, New York Fed President John Williams said Wednesday.

U.S. businesses told the Federal Reserve in June and early July that the loss of immigrant labor is adding to their struggles with the effects of fast-changing trade policies as the Trump administration's economic strategies began gaining traction.

Bank of America CEO stresses Federal Reserve independence as key to economic stability amid political pressures. Learn why global markets depend on it.

U.S. economic activity increased slightly in recent weeks, but the outlook was neutral to slightly pessimistic, the Federal Reserve said on Wednesday, as businesses reported the Trump administration's higher tariffs were putting upward pressure on prices.