WASHINGTON, D.C. — 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.

In a statement, the Fed said the job market is 'solid,' and noted that the unemployment rate 'has stabilized at a low level in recent months.' The Fed also appeared to toughen its assessment of inflation, saying that it 'remains somewhat elevated.' Both a healthier job market and more stubborn inflation typically would imply fewer Fed rate cuts in the coming months.