The central bank’s decision to pause at its first meeting of 2025 followed a series of cuts that began in September to account for progress already made on getting inflation down. Over the course of three meetings, the Fed lowered rates by a full percentage point to a range of 4.25 percent to 4.5 percent, which was maintained on Wednesday.

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

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