The Fed's announcement is predicted to cause turmoil in Asian currencies

A Fed Fund Rate hike is widely expected to happen in September 2016.

Raymond Yeung, chief economist for Greater China at Australia & New Zealand Banking Group in Hong Kong, said Yellen’s comments had created volatility that would probably last at least three months.

"US funding costs will rise. Asian currencies will come under pressure," Yeung said, according to Bloomberg on Sunday, Aug. 28, 2016.

He said that some Asian nations would be willing to shoulder capital outflows in return for a boost to their export competitiveness from weaker currencies.

"A stronger U.S. would actually help global sentiment and export-oriented economies like Singapore and the rest of Asia," added Song Seng Wun, an economist at CIMB Private Banking in Singapore.

Goldman Sachs Group Inc. has raised the probability of a September hike to 40 percent, from 30 percent previously, according to a note from economist Jan Hatzius.

ANZ expects a tightening in December, with scope for a move in September if Yellen’s speech signals that.