The U.S. Federal Reserve on Wednesday left its benchmark interest rate unchanged, maintaining the target range for the federal funds rate at 3.5% to 3.75%, as officials assessed easing inflation pressures against lingering uncertainty in the economic outlook. In a statement following its two-day policy meeting, the Federal Open Market Committee said economic activity continues to expand at a solid pace, while inflation remains “somewhat elevated.”

Fed Chair Jerome Powell said recent rate cuts totaling 75 basis points since September have brought policy into a range of “plausible estimates of neutral,” allowing the central bank to proceed cautiously. Two