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.

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.

Policymakers left their benchmark rate unchanged amid signs that the economy is humming along, defying the president’s tradition-bucking pressure on the central bank.