What bothers me the most in Fed statement

No, no, a thousand times no!

There was no reason for the Federal Reserve to alter the language in its official policy statement.

While patience is a virtue, and the market response has been positive, the Fed's view of inflation is being largely driven by a transitory drop in energy prices. The world is still at risk of deflation and weak economic growth.

Read MoreLive Blog: Yellen's last 2014 news conference

I believe the central bank to the world, the Fed, should be taking into account the turbulence in global markets and the persistent weakness in the global economy before making any changes at all to its statement and outlook.

Dominick Reuter | Reuters

Federal Reserve Chair Janet Yellen.

Having said that, if the Fed is suggesting that "patience" means pushing off a rate hike until late next year, then the markets are getting it right.

I think we need a day to further watch the market response to he Fed's new language.

Read MoreOp-ed: Beware: Putin the wounded animal

What bothers me most is the notion that the drop in domestic inflation is transitory.

With the ready of the world deflating, the Fed needs to be more than patient before altering it's language AND its policies.

Commentary by Ron Insana, a CNBC and MSNBC contributor and the author of four books on Wall Street. He also editor of "Insana's Market Intellgence," available at Marketfy.com. He delivers a daily podcast, "Insana Insights," and a long-form weekly version, both available on iTunes and at roninsana.com. Follow him on Twitter @rinsana.

Read MoreFed rate hike expected in summer: Survey