The Fed left interest rates unchanged during Kevin Warsh's second FOMC meeting as policymakers maintained a hawkish outlook.

The central bank appeared divided over future interest rate moves.

Despite increasing support for a rate increase, the Federal Open Market Committee voted 9-3 to leave the federal funds rate in a range between 3.5% and 3.75%.

Investors had largely expected that the Fed would hold interest rates steady, given ongoing concerns with high inflation.