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.

Fed chair Jerome Powell said he has not talked with Trump since the president demanded last week “interest rates drop immediately.”

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.