The Fed has hit the pause button on interest rate cuts, entering a new wait-and-see phase as it tries to decide whether to cut rates from their recent two-decade highs and by how much, Nick Timiraos said. The Fed's decision to keep rates on hold on Wednesday follows three consecutive rate cuts from September, when rates were about 5.3 per cent. Officials made only minor changes to their policy statement at the end of the two-day meeting, which indicated they were comfortable with their interest rate stance in an economy where inflation remains slightly above target and labor market conditions are solid. (Jin Ten)