Federal Reserve

Pro: Leave Janet Yellen alone!

Bouroudjian: Leave Janet Yellen alone!

Changes in the Wednesday sent Wall Street into a tizzy with pros caught off guard by some of the language.

"It was a bit more hawkish than I expected," said Russ Koesterich of BlackRock on CNBC's "Street Signs."

Federal Reserve Chair Janet Yellen speaks during a news conference following a Federal Open Market Committee meeting in Washington.
Andrew Harrer | Bloomberg | Getty Images

Although the central bank ended its historic bond-buying program as expected, pundits were largely surprised by some of the words the Fed chose to describe its outlook on the economy.

For example, the statement said, "the committee continues to see sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment."

Also, "if incoming information indicates faster progress toward the committee's employment and inflation objectives than the committee now expects, then increases in the target range for the federal funds rate are likely to occur sooner than currently anticipated."

Read More Here's what changed in the latest Fed statement

Comments were much more dovish in the last statement.

Skeptics called the relatively sharp change of language a big leap. On CNBC's "Closing Bell" Keith Fitz-Gerald of Money Map Press was broadly skeptical of the Fed. Not only did he find the shift somewhat jarring he added that he wouldn't be surprised if the central bank swings the other way, early next year, and again implements another round of QE.

Jack Bouroudjian of Index Financial Partners, also on "Closing Bell," said he thinks Fed skeptics are full of hot air. In a rather heated exchange he said Janet Yellen and the Federal Reserve deserved nothing but praise.

"I call this brilliant. I think what Janet Yellen has been doing is absolutely wonderful. They have been able to maneuver through the cycle with low inflation; they're starting to create jobs and we have companies making money."

He added: "It's about time we quit knocking the Fed. People are not unemployed because the Fed is keeping rates low."