The Globe and Mail reports in its Thursday, Jan. 30, edition that the Federal Reserve kept its benchmark interest rate steady on Wednesday after three consecutive cuts last year. An Associated Press dispatch to The Globe reports that the Fed stated that the job market is "solid" with a low unemployment rate, but also noted that inflation remains "somewhat elevated." This combination suggests fewer rate cuts may be expected. In a news conference on Wednesday, Fed Chairman Jerome Powell avoided addressing President Donald Trump's recent comments about lowering oil prices and demanding lower rates after expressing a desire to discuss the matter. "I'm not going to have any response or comment on whatever the President said," Mr. Powell said. Asked if Mr. Trump had communicated his desire for lower rates directly to Mr. Powell, the Fed chair said he had "no contact." The Fed reduced its rate last year to 4.3 per cent from 5.3 per cent, in part out of concern that the job market was weakening. Mr. Powell has said it is harder to gauge where inflation is headed, in part because of increased uncertainty around what policies Mr. Trump will adopt and how quickly they will affect the economy.