The Federal Reserve left its benchmark 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.

The Federal Reserve left interest rates unchanged on Wednesday, amid a cloudy economic outlook, partly because some of President Trump’s policies could stymie the fight against inflation. Wednesday’s pause comes after the central bank cut interest rates by a full percentage point between September and December of last year.