At the morning close, China’s main futures contracts were mostly lower. Liquefied petroleum gas (LPG) fell more than 7%, fuel oil down over 5%. Ethylene glycol (EG), low-sulfur fuel oil (LU), asphalt and Shanghai crude (SC) each slid more than 4%. Propylene dropped about 4%, methanol fell over 3%. On the upside, urea rallied over 3%; lithium carbonate, platinum, cotton, cotton yarn, Soybean No.2, Shanghai lead and palm oil gained more than 1%.

Michelle, JP Morgan's global head of fixed income, said the question for Fed chair Kevin Warsh is what institutional reform means.

Goldman Sachs Asset Management analyst Kay Haigh said today's Fed decision confirms the recent hawkish shift is not solely driven by higher oil. Despite a pullback in oil, half of FOMC participants expect a rate increase as early as this year, reflecting a strong labor market and inflation prints. Goldman’s base case remains that the Fed can narrowly avoid raising rates, but the path is tight and incoming inflation data will carry high weight.