"The Fed expressed a lot of prudence and concerns going forward," the Janus Capital portfolio manager said in an interview with CNBC's "Power Lunch."
"They expressed concern about the potential for inflation. They expressed concern about the potential for global weakness and international developments, which is code basically for a strong dollar, and they expressed concern in terms of the employment situation not threatening inflation going forward."
By removing the word "patient" from its statement, the Fed Open Market Committee opened up the possibility of hiking interest rates. However, the statement noted that the committee will raise near-zero rates when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.