Federal Reserve officials are taking note of what they see as rising inflation risks and the uncertain impact of President Donald Trump's trade, immigration and other policies.

Federal Reserve governor Christopher Waller said the central bank should cut interest rates further if inflation makes more progress back toward target.

Federal Reserve Governor Adriana Kugler said on Thursday U.S. inflation still has "some way to go" to reach the Fed's 2% target, and that its path toward that goal continues to be bumpy.

Federal Reserve officials are closely monitoring rising inflation risks and the economic impact of President Donald Trumps trade and immigration policies. While some policymakers see room for future rate cuts,