By Victor Reklaitis and Greg Robb

Markets should be 'on alert for a hike in September, particularly with war clouds pushing up energy prices again,' one economist says

Federal Reserve Chair Kevin Warsh speaks during a news conference at the central bank's headquarters on Wednesday.

While the Federal Reserve held off on changing interest rates on Wednesday, economists say the central bank's latest decision is ramping up expectations for a rate hike at its next meeting in September.

The Fed's policy-making committee voted 9-3 to hold benchmark rates steady at a range of 3.5% to 3.75%. Wednesday's decision marked the first time that three Fed officials dissented in the same direction since September 2016.