Uncertain path seen for rate hikes post-Fed meeting

As expected, the Federal Reserve did not raise interest rates Wednesday, but its dovish language indicated that a March rate hike may no longer be in the cards.

The former chair of the Miami branch of the Atlanta Federal Reserve, Dorothy Weaver, told CNBC's "Closing Bell" that she agreed with the Fed's decision to leave rates unchanged.

"The last thing they want to do is to raise and end up having to walk it back," Weaver said Wednesday. "Absolutely, I think pausing is exactly the right thing to do. I think there's a very good chance that March is going to be another pause."

The Fed's statement did not give a clear forecast of the trajectory of future rate hikes, but the December projections previously indicated that four were likely. However, Blackrock's chief investment officer of global fixed income, Rick Rieder, believes that there will only be two rate hikes this year, but remains optimistic on the U.S. economy.

"I don't think the economy we've talked about is going into recession, but that you've got a decent economy that's just slowing a bit," Rieder said Wednesday on "Closing Bell."

BMO Capital Markets' chief investment strategist, Brian Belski, suggests that the Fed's delayed moves have limited its course of action.

"The bottom line is the Fed has a bit of a credibility problem because they waited too long to raise rates in the first place," Belski said Wednesday on "Power Lunch." "Now they have to stay on course for a while."