BlackRock's Rieder sees 2 U.S. rate hikes in 2016

As expected, the U.S. central bank increased the target range on the federal funds rate to 0.25 percent to 0.50 percent, from zero to 0.25 percent.

"In fact, we believe the path of rate increase is likely to involve two rate hikes in 2016, after this initial December move," Rick Rieder, BlackRock's chief investment officer of fundamental fixed income, said in a statement.

(Reporting by Richard Leong; Editing by Dan Grebler)