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.

The Federal Reserve left interest rates unchanged Wednesday as it began a new wait-and-see policy stance amid a cloudy economic outlook and uncertainty over whether some of President Donald Trump’s policies could stymie the fight against inflation.