The Federal Reserve is expected to keep its key rate steady on Wednesday, after a series of cuts that lowered rates by a full percentage point last year.

That means consumers looking to borrow are likely to have to wait a bit longer for better deals on many loans, but savers will benefit from steadier yields on savings accounts.

The central bank has kept its benchmark rate unchanged since January. President Trump’s frequently changing stance on tariffs, along with the broader effects of his restrictive immigration policies and widespread federal job cuts, have made forecasting a challenge.

“Until policymakers get some clarity on these policies,” Mark Zandi, chief economist of Moody’s Analytics, said in a note, “they will not know the appropriate monetary policy response and have thus put any further interest rate cuts on hold.”

Mr. Trump has publicly attacked the Fed chair, Jerome H. Powell, and his colleagues for not lowering borrowing costs. But the rate-setting committee has signaled it will first need to see clear signs that the job market is softening.

The Fed’s benchmark rate is set at a range of 4.25 to 4.5 percent. In an effort to tamp down inflation, the central bank began lifting rates rapidly — from near zero to above 5 percent — between March 2022 and July 2023. Prices have cooled considerably since then, and the Fed pivoted to rate cuts, lowering rates in September, November and December.