Equity markets diverged Wednesday as attention turned away from recent turbulence in tech stocks to the outlook for interest rates, with the Fed and the ECB both holding their first major meetings of the year.

The Federal Reserve left interest rates unchanged on Wednesday, amid a cloudy economic outlook, partly because some of President Trump’s policies could stymie the fight against inflation. Wednesday’s pause comes after the central bank cut interest rates by a full percentage point between September and December of last year.