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The Fed's global dilemma and real threats to your money

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Uncertainty continued to grip the markets Friday, just one day after the Federal Reserve decided to hold on interest rates.

The Dow Jones Industrial average slumped triple digits in afternoon trading, while the S&P 500 and Nasdaq composite remain within nine percent of their 52-week highs.

Treasury yields extended Thursday's losses, with 10-year note yields trading around 2.13 percent, while two-year yields traded around 0.68 percent.

Steven Wieting, global chief investment strategist at Citi Private Bank, told CNBC's "Power Lunch" the markets were likely "disappointed" at the Fed's inaction.

"At a time when there is global growth panic, the Fed essentially fanned those fears even further by not providing more clarity on interest rates. In fact, they raised uncertainty."

Going forward, Wieting sees two looming threats to the markets.

"We have two forward-looking concerns," said Wieting. "One, the long lags between policy action andimpact that could imply future inflation surprises, and two, nearer term,whether or not the Fed had any real cause to worry."

As to when the Fed will hike rates, Wieting threw cold water on the notion it might happen anytime soon.

"Given that financial market impact is typically a consequence of tightening and given the possibly significant length of time it might take to resolve newly-cited international developments, Janet Yellen's comments (Thursday) reduced financial market views of when the Fed may - if ever - act."