Some economists were saying Wednesday that the cutting cycle is over, while others think Chairman Jerome Powell’s Federal Reserve won’t ease again until 2026.

After three cuts at the end of last year, Federal Reserve officials paused rate moves as they weigh a solid economy and rising inflation risks. Jerome H. Powell, the Fed chair, said the central bank was not on a “pre-set course.

Global shares rose as investors digested earnings from Microsoft and Meta in the wake of this week's rout in technology stocks, while the dollar was steady against most other currencies after the Federal Reserve left rates unchanged.