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.

Fed chair Jerome Powell said he has not talked with Trump since the president demanded last week “interest rates drop immediately.”

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