The U.S. Fed on Wednesday kept interest rates unchanged and slashed all projections of a rate hike this year. Still, according to S&P Global Ratings, the Fed is "not yet done" with rate hikes. Its chief Asia-Pacific economist told he thinks another increase may come sometime this year or early next year.

Shaun Roache said better-than-expected economic growth and strong labor markets leave room for a hike. Given the "soft patch" the global economy is going through, Roache acknowledged that "it makes sense for the Fed to pause to watch the data to see how things evolve." Still, he said he felt that concerns about global growth were "a little bit overdone."

The ratings company expects growth to be "something north of 2 percent this year" and jobs to be created to the tune of about 130,000 per month — a number Roache said is above the "natural rate" of employment growth for the American economy.