Wall Street’s new mantra might be that the Federal Reserve should take its time before cutting rates again. With the U.S. economy continuing to log strong growth and the second Trump administration still settling in, the Fed on Wednesday held off on cutting its policy rate.

Consumers and traders are waiting to learn if the Fed’s pause is a one-meeting hold or the start of a longer stretch.

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.