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Watch JPMorgan's Kelly, other experts react to Fed

Watch CNBC's Federal Reserve guest panel react to the central bank's decision to not raise rates Wednesday.

"Looking at the economy, the economy has hit every target they have set and we got an inappropriate level of interest rates, which is distorting asset markets and blowing bubbles and will eventually end up in inflation," JPMorgan Funds' David Kelly said.

He added, "They are causing long-term harm for no short-term good here."

To watch the replay of the panel from CNBC's "Power Lunch" in its entirety, you must be a CNBC PRO subscriber.