In its statement, the U.S. central bank said "global and financial developments continue to pose risks." Bill Gross, who manages the Janus Global Unconstrained Bond Fund, told CNBC's "Power Lunch" after the announcement that the Fed had enough data to not raise rates. In particular, Gross pointed to negative data points like industrial production and weekly earnings.
"The U.S. economy is not doing that well," he concluded.
"In combination with the global condition that the statement spoke to and the domestic condition, yes, the dots are down by 50 basis points and beginning to reflect a more realistic condition in terms of what the Fed can do going forward," Gross said.