The Federal Reserve left its benchmark interest rate unchanged Wednesday after cutting it three times in a row last year, a sign of a more cautious approach as the Fed seeks to gauge where inflation is headed and what policies President Donald Trump may pursue.

Federal Reserve Chair Jerome Powell made clear on Wednesday the US central bank intends to hold interest rates where they are for the foreseeable future, pointing to a number of reasons why he and his colleagues expect to take their time before lowering borrowing costs again.

Federal Reserve Chair Jerome Powell is holding a press conference Wednesday afternoon, the first since President Trump began his second term. Powell, who is expected to serve out the rest of his term,