Federal Reserve policy-makers today raised the federal funds rate target by 25 basis points, to 4.75%.
"I think the Fed has been looking for ... the end in terms of rate hikes," said John Cerra, managing director and active fixed-income portfolio manager at TIAA-CREF Investment Management.
George T. Strickland, managing director at Thornburg Investment Management, said the rate hike "was not a surprise to me or anybody else."
Both think the Fed will likely continue to raise the rate at least to 5% at its next meeting, which is May 10.
"There has been a slight sell-off in the market, not a huge sell-off," Mr. Strickland added. "For investors, it means we have at least one or two rate hikes (to go before the Fed stops) and ... for investors, it means to be cautious about investing in long-term bonds."