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Odds of next rate hike slip to April 2016 as Yellen speaks: CME

Traders work on the floor of the New York Stock Exchange.
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Traders work on the floor of the New York Stock Exchange.

Now that the Federal Reserve has pulled the trigger and hiked rates, all eyes will be on the future trajectory of additional increases.

Before the hike, there was an implied odds of 9.7 percent that the Fed would hike the target rate to 0.75 percent in January. It now stands at 9.5 percent.

Not until April, do traders see a probability of more than 50 percent for the next rate hike. On Tuesday, traders placed the odds of a hike to 0.75 percent or more at 45 percent.

Read MoreWall St. expects three more rate hikes in '16: Survey

U.S. short-term interest-rate futures contracts fell on Wednesday after the Fed raised its benchmark interest rate for the first time since the financial crisis and forecast further rate hikes would be gradual.