Important for emerging markets that Fed sticks to steady policy path, says JPMorgan

James Glassman, senior economist at JPMorgan, suggested that It was important for emerging markets that Federal Reserve followed a steady policy path.

The Federal Reserve raised interest rates on Wednesday, a move that was widely expected.

In raising its benchmark overnight lending rate a quarter of a percentage point to a range of 1.75 percent to 2 percent, the Fed dropped its pledge to keep rates low enough to stimulate the economy "for some time" and signalled it would tolerate inflation above its 2 percent target at least through 2020.