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.

Trump, who appointed Jerome Powell as Fed chair, has called for lower interest rates and said the president should get a say on the Fed's rate decisions.

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