The Federal Reserve held its benchmark rate flat at its first meeting of the year, a widely expected move that comes against the backdrop of an uneasy macroeconomic balance. 
The decision ends a three-meeting trend where Fed officials voted to cut rates by 25 basis points, but Wednesday’s outcome had been signaled by Chairman Jerome Powell at the central bank’s December meeting. Still, it comes after the disclosure of an unprecedented federal investigation into Powell that has raised questions about the institution’s independence. 
“While the labor market has softened at the margins, the broader economy remains resilient, and inflation has not yet convincingly…