Watch CNBC's expert panel instantly analyze the Fed's rate decision

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

"Everything we're talking about is the uncertainty the market is trying to digest," Guggenheim Partners' Scott Minerd said.

He added, "The VIX contract is inverted, meaning longer term volatility is lower, near term volatility is higher. The market is clearly sending us the signal that they expect some kind of volatility."

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