Do I need to match the molding to the baseboards or the furniture?

Neither!

Match it to the room colors and style. It will stay no matter what furniiture may be there.

No, just have the same "feel". If traditional, don't use ultra contemporary but simple is ok.

Baseboards. Aloha!

No only what you like

Hi Debbie. I'm Cindy. Match the molding to the baseboards. That way the room will always match no matter what furniture is in the room. Good luck Debbie.

All trim, door and window moldings as well as chair rail, baseboard and crown should be the same color. I'm sorry, but any other way looks hokey

Thanks for your input everyone. I’m new at doing these kind of things at my home.

Yes, I would match molding to the baseboards (window trim too if you can). Your furniture can be however you like :)