"The Fed has signaled it does not at this stage envisage an aggressive tightening cycle," said Kay Haigh, global head of fixed income and liquidity solutions at Goldman Sachs Asset Management, referring to how the majority of FOMC members penciled in just one more rate increase this year.

"One more hike this year in December is our base case, although this remains contingent on upcoming CPI reports and the path of energy prices," Haigh said.