Gross domestic product grew by 2.3 percent in the fourth quarter, capping a more robust year than expected. Policy uncertainty clouds the outlook.

© Karl Russell

The U.S. central bank did not cut borrowing costs amid a solid economy and rising inflation risks.

© Karl Russell

Faced with a solid economy and mounting inflation concerns, the U.S. central bank has said it will “move cautiously” on cutting interest rates.

© Jeenah Moon for The New York Times

Faced with a solid economy and mounting inflation concerns, the U.S. central bank has said it will “move cautiously” on cutting interest rates.

© Jeenah Moon for The New York Times