Wednesday's action was approved 8-0, with the Fed avoiding any dissents at the first meeting Powell has presided over as chairman since succeeding Janet Yellen last month.
That mortgage owner could pay an additional $312.50 a month, or $3,750 a year, in interest if the Fed follows through with the three quarter-point hikes that it forecast for 2018 at its December policy meeting.
The Fed said it expects to raise rates twice more this year.
However, he also acknowledged that central bankers now consider the prospects of a global trade war as a "more prominent risk" to the economic outlook.
Shares were mixed in Asia on Thursday after USA stock indexes finished with small losses following the Federal Reserve's interest rate hike.
Powell said he would be "carefully considering" doing more press conferences, adding that while he and his colleagues want to communicate as clearly as possible, he wanted to "make sure that no one would take more frequent press conferences as a signal of the path of policy".
His lack of economic formalism came through again as he backed away from being specific about the changing relationship between labour market slack and inflation - a critical issue now for the pace of Fed tightening.
"He doesn't want to go so fast that he knocks over the apple cart, and I think he also tried to get us to focus on the big picture rather than splitting hairs", McCarthy told FOX Business' Ashley Webster.
The move opens up the range of interest rates paid by major central Banks: ECB 0%; Bank of England 0.5%; Bank of Japan -0.1%; Bank of Canada 1.25%; Reserve Bank of Australia 1.5%.
What's more, seven of the 15 participants on the Fed's policymaking arm favored four rate hikes in 2018, compared to just four members at the end of 2017.
The U.S. unemployment rate, now at a 17-year low of 4.1 per cent, is expected to keep falling to 3.8 per cent at the end of this year and 3.6 per cent at the end of 2019, which would be the lowest rate in a half-century.
Currently, US inflation is running at 2.2% (for the year to February) which is slightly above the Fed's target of 2%.
The central bank's preferred price gauge rose 1.7% in the 12 months through January and officials projected it to rise to 2% in 2019 and hit 2.1% the following year, the latest estimates showed.
An increase in the Fed's benchmark federal funds rate typically leads to higher rates for consumers and businesses.
While the Fed is "very alert" to any increases that could result from the very low unemployment rate, which normally would be expected to drive wage increases, "it's not something we observe at the present".
Asian shares were mixed on Wednesday as some markets erased earlier gains ahead of the Federal Reserve's first meeting since the appointment of its new chair, Jerome Powell. It gained $1.63, or 2.6 percent, to $65.17 a barrel on Wednesday.
"I read this as the Fed is still having trouble rectifying moderate growth and subdued inflation", said economist Lindsey Piegza of Stifel.
An important takeaway from the Fed meet is the increasing confidence in the United States economy.
The baht would move in line with the economic conditions of Thailand and its trading partners, he said.