The U.S. Federal Reserve on Wednesday kept interest rates unchanged and slashed all projections of a rate hike this year.

Still, according to U.S.-based financial services giant S&P Global Ratings, the Fed is "not yet done" with rate hikes. Its chief Asia-Pacific economist told CNBC he thinks another increase may come sometime this year or early next year.

Speaking to CNBC's "Capital Connection" on Thursday, Shaun Roache said better-than-expected economic growth and strong labor markets leave room for a hike.

Wednesday's statement was a dovish turn from previous Federal Open Market Committee projections. The committee had previously predicted two rate hikes in 2019, following four increases in 2018.

The FOMC said it would be "patient" before any further increase in rates.

Given the "soft patch" the global economy is going through, Roache acknowledged that "it makes sense for the Fed to pause to watch the data to see how things evolve." Still, he said he felt that concerns about global growth were "a little bit overdone."