Federal Reserve Holds Rates Steady

WASHINGTON (AP) — The Federal Reserve left its key 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. A key reason for the earlier reductions was that hiring weakened in the summer and fall. In its statement Wednesday, the Fed upgraded its assessment of the job market, calling it “solid.” The Fed also appeared to toughen its assessment of inflation, saying that it “remains somewhat elevated.” At a press conference, Fed Chair Jerome Powell decline to address Trump’s recent comments calling for lower rates.