Federal Reserve leaves benchmark rate as is

WASHINGTON — 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 might pursue.

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

DERAILMENT SETTLEMENT: According to an announcement posted online Monday, the village of East Palestine, Ohio, and Norfolk Southern Railroad have agreed to a $22 million settlement resolving all of the village's claims from the 2023 train derailment near the Ohio-Pennsylvania border that prompted a national reckoning on railroad safety.

MENENDEZ SENTENCED: Former U.S. Sen. Bob Menendez, 71, was sentenced Wednesday to 11 years in prison for accepting bribes and acting as an agent of Egypt. Menendez became one of only a handful of U.S. senators to be convicted while in office.

CONSUMER CONFIDENCE: The Conference Board reported Tuesday that its consumer confidence index fell this month to 104.1, from 109.5 in December. The index measures Americans' assessment of current economic conditions and their outlook for the next six months.