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 measure accelerated slightly in December, as price growth remains stubbornly above the central bank’s 2% annual target.Fed policymakers are on hold with interest rates until the inflation picture improves.

Federal Reserve Governor Michelle Bowman said she wants to see additional progress on inflation before the central bank lowers interest rates further, and questioned how restrictive policy might be given the economy’s strength.