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Jakobsen: The Fed's missed opportunity and what this means for markets

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"A joke" and "far from impressive", both descriptions give you a sense of the frustration being felt by Saxo Bank's Chief Economist Steen Jakobsen who analyses the decision not to raise rates. 

The Fed "missed opportunity to raise rates for first time since 2006" according to Steen who has been consistently arguing against what he calls the Fed's  "pretend-and-extend" culture. 

Volatility and uncertainty will remain high and there's now little chance of a rate rise this year suggests Steen, given that EM economies and China are unlikely to emerge from the doldrums in the near-term.