After three cuts at the end of last year, Federal Reserve officials paused rate moves as they weigh a solid economy and rising inflation risks. Jerome H. Powell, the Fed chair, said the central bank was not on a “pre-set course.

Consumers and traders are waiting to learn if the Fed’s pause is a one-meeting hold or the start of a longer stretch.

The nation's central bank held interest rates steady in its first decision of the year. On Wednesday, the Federal Open Market Committee announced that it would maintain the Federal Reserve's target rate following a series of rate cuts at the end of 2024.