The Federal Reserve held its benchmark interest rate steady on Wednesday, formalizing a data-dependent approach to balancing the U.S. labor market against inflationary risks, amid ongoing White House pressure to accelerate monetary easing. The decision, which was widely expected, kept the federal funds rate at a target range of 3.50% to 3.75%. The move followed three consecutive 25-basis-point cuts late last year that had sought to engineer a “soft landing” for the economy. “Uncertainty about the economic ...