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Economist: Markets aren't down because of the Fed

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.

Matus said that so far there is little uncertainty regarding the path the Fed will take next year in terms of further tightening.

"The Fed has been consistent in saying they'll go four times, and the market has been consistent in saying they [Fed] will go less," he said. "Until someone blinks, there shouldn't be disruption."

"The disruption will come when someone has to adjust to the other person's way of thinking," he added.