Watch live: Fed Chairman Warsh explains why the central bank paused rate hikes

U.S. stocks experienced a relatively stable day on Wednesday as market participants awaited the Federal Reserve's decision on interest rates. The S&P 500 showed modest gains, climbing 0.2 percent and nearing its all-time high, while the Dow Jones Industrial Average increased by 149 points, or 0.3 percent. The Nasdaq composite remained largely unchanged.

The primary focus of the trading day was likely to be the Federal Reserve's potential comments on the future direction of interest rates. Inflation has been a major concern for the economy, prompting the Fed to raise its main interest rate for the first time in three years in hopes of curbing the issue. Wall Street anticipates that the Federal Reserve will maintain the federal funds rate unchanged during this meeting and is curious to see if the central bank provides any hints about its future decisions.

However, Fed Chairman Kevin Warsh has been clear in his stance that the Fed should offer fewer clues about its future actions.