Hey, Fed—Wake me up when September ends

Let me default to a Green Day song … "Wake Me Up When September Ends."

While the Federal Reserve upgraded its assessment of the economy in its latest statement, it did not give explicit guidance as to when it may move to normalize interest-rate policy. Policy makers characterized the economy as broadly improved but the Fed still noted that inflation and employment are not quite at its stated targets. The Fed also lowered it economic-growth estimates for 2015, which may explain the stock market's knee-jerk bounce higher, and the bond market's quick drop in yields.

Read MoreFed leaves rates unchanged...for now

Janet Yellen, Chair of the Federal Reserve.
Getty Images
Janet Yellen, Chair of the Federal Reserve.

Lower growth expectations in the future may not support more than a token hike by the Fed sometime in the Fall.

Still, it appears the market believes that rate hikes will begin in September, though, increasingly, the belief is growing that it's "one and done" for 2015. That is, the Fed will raise rates a quarter point in September and then wait until 2016 to try again, if the data warrant.

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Indeed, in the near-term, the Fed has been dealt yet another new hand, with the possibility of a Greek debt default, and subsequent adverse market reaction. There are also emerging market risks with respect to a Fed rate hike and the possibility that highly levered areas of the domestic and global economies could suffer a hard shake-out when the Fed lifts off.

It seems highly unlikely that the Fed will move anytime this summer, given the wording of the Fed's statement, even though the Fed has suggested that every meeting is "live."

So, until then, I'll just keep listening to Green Day.

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Commentary by Ron Insana, a CNBC and MSNBC contributor and the author of four books on Wall Street. He is also editor of "Insana's Market Intellgence," available at Marketfy.com. Follow him on Twitter @rinsana.