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.

Federal Reserve Chair Jerome Powell said Wednesday he has not spoken to President Donald Trump since last week's remarks by the president when he said he would demand the central bank lower interest rates.

Powell made clear that Fed policymakers are in no rush to reduce interest rates further, after lowering borrowing costs by a full percentage point in the final months of 2024. Whe