WASHINGTON — Donald Trump's imminent return to the White House and uncertainty about his policy proposals has begun weighing on the US Federal Reserve, raising concerns of a reckoning between the central bank and the president-elect.

Fed chair Jerome Powell acknowledged on Wednesday that Trump's economic platform, which includes the threat of major tariff hikes, the extension of tax cuts, and mass deportation, had been a consideration when members of the rate-setting committee met to consider the number of interest rate cuts they expect next year.