Officials kept their benchmark lending rate at a range of 3.5-3.75%, following three consecutive rate cuts late last year. It’s a pause that may persist for some time, Chair Jerome Powell hinted in his post-meeting news conference. Waller is one of the four contenders for Fed chair after Powell’s term ends in May. But Powell gave a sense of where the committee broadly stands on the outlook for monetary policy, suggesting there’s no need for imminent rate cuts. This year, there are new voices on the committee who’ve said they’re still concerned about inflation, such as Cleveland Fed President Beth Hammack and Dallas Fed President Lorie Logan.