"President Michel Temer, who has already said he will not run in 2018 elections, has the mission to do the dirty work of putting in place labor, tax and social security reforms, which market operators are expecting, but which will come at an electoral cost," said Pfeifer.

These reforms are "very attractive" and will "cement the foundations for economic growth" that will be felt during the next government, he said.

If Temer fulfills his reformist agenda, according to Pfeifer, the stock exchange index, currently at around 65,000 points, could reach 80,000 points by year's end.

"International markets are convinced that emerging economies are on the threshold of a new wave of growth, which perhaps won't be as evident as the first, and the first country they mention is Brazil," said Pfiefer.

Mexico's peso also rebounded somewhat on news of the Fed hike, closing at 19.55 pesos to the dollar.

CI Banco senior financial analyst James Salazar credited the currency's positive reaction to the fact that the hike signals the U.S. economy is doing well, which will in turn benefit Mexico's export sector.

"An economic improvement in the United States is also positive for Mexico, given the ties between their economic cycles. It benefits Mexican companies when the United States is doing well," said Salazar.

The Fed, he said, senses a more dynamic jobs market and an inflation rate that is close to the U.S.' target of two percent, encouraging signs for bilateral trade.

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