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Fed holds off, markets now betting on hike in 2016

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Closing Bell Exchange: Fed will go in 2016

Stocks fluctuated and bonds rallied after the Federal Reserve held off on a first rate hike and said global economic and market developments threaten the U.S. economy.

"There is enough economic activity to allow the Fed to think about raising interest rates, but there's not enough inflationary pressure to allow them to do so, " said Scott Clemons, chief investment strategist at Brown Brothers Harriman Wealth Management.

According to RBS, market expectations for the first full rate hike are now priced into March, and the odds of a December hike fell to 64 percent from 84 percent.

Read MoreFed leaves rates unchanged