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Nevertheless, Ms Yellen and her fellow rate-setters have not given up on their expectation that America's arrival at full employment will drive inflation back to the central bank's 2 per cent target. Moreover, it expects the unemployment rate to fall to 4.2 to 4.3% this year, down from its previous projection of 4.5% to 4.6%.

The economy grew at a rate of 1.2 percent in the first quarter of this year, about half as fast as it did in the final three months of 2016.

Shanghai Composite (SSEC) closed the day with a 0.73 percent loss to CN¥3,130.674 while Shenzhen Composite gained 1.26 percent to CN¥1,859.881 on Wednesday after China's figures showed optimistic results for both retail sales and industrial output.

However, Sydney climbed more than one percent and Hong Kong staged a late bounce to end up 0.1 percent. Good news: 30-year mortgage rates are still very low at about 3.9%.

"The Fed has said in the minutes that they're trying to reach a balancing act between GDP, inflation and unemployment", said John Augustine, chief investment officer for Huntington Trust in Columbus, Ohio, which oversees $17 billion.

USA equities traded mixed on Wednesday after the Federal Reserve raised interest rates for the second time this year.

Fed policymakers have raised their benchmark rate to a range of 1 percent to 1.25 percent and indicated that they foresee one additional hike this year, assuming that the economy remains on solid footing.

By 0743 GMT in London, the Canadian, New Zealand and Aussie dollars were between 0.2% and 0.6% higher on the day against their US counterpart at respectively C$1.3218, $0.7248 and $0.7581. Only Neel Kashkari, president of the Minneapolis Fed bank, opposed the increase.

Investors will also be looking for any details on the Fed's plans to trim its $4.5 trillion balance sheet in the face of improving economic conditions. If the economy slows, the central bank said it could resume reinvestment of all of the principal payments or even increase the size of the balance sheet if warranted.

Such projections aren't set in stone and reflect how the views of Fed officials have shifted. Yahoo Finance will have the statement for you live at 2pm ET (all you have to do is refresh this page). Add to this the inflation data yesterday showing that United Kingdom consumer prices are rising at their fastest rate of increase in 4 years, it paints a picture where people are increasingly finding that their employment income is covering less and less of household bills.

The Fed's key interest rate will now hover in a range between 1% and 1.25%. Since the latter is not attractive due to historically flat yield curves and the threat of rising yields, investors are increasingly embracing global markets in their hunt for higher returns.

Data on Wednesday showed United States consumer prices unexpectedly fell in May and retail sales recorded their biggest drop in 16 months.

The US Federal Reserve today announced another interest rate hike of 0.25% in a widely anticipated move, and has signalled another increase is likely to come this year.

Meanwhile, the Indonesian rupiah appreciated 0.11 percent to IDR 13,277 per U.S. dollar (Bloomberg Dollar Index).

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.28 percent to $505.08 as of 08:03am GMT. The latest set of dot plots from the Fed puts the fed funds rate at 2.125% by the end of 2018, while the market now expects the fed funds rate to be 1.50% at year-end 2018, down approximately 25 basis points (0.25%).