The Nasdaq and other major indices declined following the Federal Reserve’s first meeting of the year, with the tech-heavy index falling 1.1% by the afternoon as investors digested the central bank’s cautious stance on interest rates.

U.S. stocks added to losses on Wednesday, with the Nasdaq down more than 1%, after the Federal Reserve held interest rates steady and gave little insight into when further reductions in borrowing costs may take place.

The Federal Reserve left its benchmark interest rate unchanged Wednesday after cutting it three times in a row last year, a sign of a more cautious approach as the Fed seeks to gauge where inflation is headed and what policies President Donald Trump may pursue.