A desire for low rates confronts a very different economic backdrop—with higher price pressures—from his first term.

The Federal Reserve left interest rates unchanged Wednesday as it began a new wait-and-see policy stance amid a cloudy economic outlook and uncertainty over whether some of President Donald Trump’s policies could stymie the fight against inflation.

U.S. stocks slipped after the Federal Reserve held its main interest rate steady and broke a run of cuts that began in September