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.

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.

Fresh tariffs amid high inflation are making the Fed’s job uniquely difficult and feeding uncertainty about what to expect for interest rates this year.

Key Takeaways Inflation, as measured by Personal Consumption Expenditures, rose 2.6% over the year in December, up from 2.4% in November and in line with forecasts.As the Federal Reserve's goal of a 2% annual rate fades into the distance,