On a highly anticipated decision day for the Federal Reserve, policymakers put their interest-rate hiking campaign on ice — for now — but signaled more rate hikes ahead.

After the Fed's decision, stocks fell before paring their losses. At the closing bell, the S&P 500 (^GSPC) was roughly flat, while the Dow Jones Industrial Average (^DJI) lost 0.8%, or 250 points. The technology-heavy Nasdaq Composite (^IXIC) rallied back from lows to gain 0.2%.

Fed officials forecast two more rate hikes this year after skipping a hike this meeting. Chair Jerome Powell also said he doesn't foresee any rate cuts this year.

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