The Federal Reserve left interest rates unchanged in its meeting on Wednesday for a secondtime in a row, and officials stuck to their previous forecast for two more cuts this year.

But policymakers indicated that they are bracing for higher inflation and slower growth as a result of President Trump’s policies, which they said had increased “uncertainty” about the economic outlook.

The central bank’s decision to hold interest rates at 4.25 percent to 4.5 percent extends a pause that has been in place since January, following a series of cuts in late 2024 that lowered borrowing costs by a percentage point.

When — and to some extent whether —the Fed ultimately follows through with cutting rates again this year remains dependent on Mr. Trump’s economic plans, including the sweeping tariffs he has threatened or imposed. ​ Wednesday’s meeting marked the central bank’s most direct acknowledgment to date that the president’s policies are set to have a real impact on the economy.

Jerome H. Powell, the Fed chair, conceded at a news conference that tariffs meant “further progress may be delayed” on getting inflation back to the central bank’s 2 percent target, a recognition based on the higher inflation forecasts officials penciled into new economic projections released on Wednesday.

Tariffs could also make extracting a signal from inflation all the more difficult, Mr. Powell noted. “In the current situation, uncertainty is remarkably high,” he said.