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.

Fed Chair Jerome Powell said the central bank does “not need to be in a hurry,” in an afternoon press briefing, adding that its policy stance is well-calibrated for the times.