Two Federal Reserve officials warned on Monday the large-scale tariffs now being pursued by the Trump Administration come with inflation risks, even as they stopped short of saying how that's affecting their thinking about monetary policy in a climate of notable uncertainty.

Fresh tariffs amid high inflation are making the Fed’s job uniquely difficult and feeding uncertainty about what to expect for interest rates this year.

The Federal Reserve's preferred inflation gauge, known as the personal consumption expenditures index, rose in December in line with economists' expectations.