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So many experts don't see rates moving much higher in the coming weeks.

Interest rates have been historically low since the Fed began cutting rates in 2007, as the financial crisis began.

The next big question for the market is whether the Fed signals a more aggressive tightening path than previously expected, especially as markets are betting on a potential economic boost from President Donald Trump's proposed fiscal policies.

Before that, the widespread view was that the Fed will raise rates three times this year beginning in June after assessing the effects of tax cuts and other stimulus measures Trump pledged to take. So it makes sense for the Federal Reserve to raise rates, he said. Two more rate hikes are expected before the end of 2017, and by 2019 the Fed expects to be looking at 3 percent interest rates again.

Bradley A. Wasserman, founder of Wasserman Wealth Management in Farmington Hills, said he'd expect at least two or three additional 0.25% rate hikes in the rest of the year. The US rate hike would increase pressure on Seoul to follow suit to head off capital outflows.

Gordon Sun (孫明德), director of the Taiwan Institute of Economic Research's Economic Forecasting Center, agreed, saying that the US remains at an early stage in an interest rate hike cycle and the latest move did not surprise the capital market at all. "Even economists who, of all people, should know better!" Since the December 2015 hike, US equity markets have risen in excess of 15 percent, reaching all-time highs. He was the only one of the 10-person panel to do so, the Fed said in announcing the quarter-point hike to the federal funds rate.

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"While higher mortgage rates will likely have some downward impact on demand, housing remains very affordable by historic standards and we anticipate another year of healthy home sales despite an environment of increasing mortgage rates", added Gonzalez.

At the current interest rate, buyers will pay $57 more per month compared to a year ago, assuming a $235,000 price tag and a 20% down payment.

Inflation has been moving up toward the Fed's annual 2% target.

The stronger yen saw the Nikkei Stock Average open 0.61% down from Wednesday's close of 19,577.38.

The market is predicting that the three central banks will likely keep rates unchanged. Yellen plans to alter the speed and scope of future rate increases depending on how "hot", the economy runs in response to the Wednesday's decision.


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