The market sell-off is not a result of the Fed's decision earlier this week, said Drew Matus, deputy chief U.S. economist at UBS, on Friday.
"I think this has to do with more global market concerns; concerns about the overall health of the global economy. I think it's much less to do with the United States or the Fed decision," he told CNBC's "Squawk on the Street."
On Wednesday, the Fed approved a quarter-point increase in its target funds rate. The move, which was widely expected, came after seven years of the most accomodative monetary policy in U.S. history.