The global market volatility that upended investors over the last six weeks may last deep into autumn now that the Federal Reserve has decided to keep interest rates unchanged, several equity and fixed income portfolio managers said on Thursday.

The Fed has not raised interest rates since 2006 and investors are concerned that a further delay will keep markets on edge, as analysts try to interpret how data points ranging from Chinese retail sales to commodity prices will influence the central bank's next move.

“In reality, they have just added a little more uncertainty in terms of what they are thinking,” said Ian Winer, head of equity division trading at Wedbush Securities in Los Angeles. "To me that brings back all the ghosts of what we saw a few weeks ago with the emerging markets and commodities.”

The CBOE Volatility Index <.VIX>, the market’s most watched barometer of uncertainty, which had been grinding down since the spike late August, has fallen sharply to 17.87, the lowest it has been in nearly a month. While a drop in implied volatility after an event like a Fed policy meeting is typical, the markets are far from settling down.

“I would imagine you will start seeing some people putting more protection on, which should spike the VIX a little bit,” said Winer.

Falling Chinese stock prices and uncertainty about the effect and timing of an interest rate rise roiled markets in late August and sent the Standard & Poor's 500 index <.SPX> down 10 percent for its first formal correction in four years.

The U.S. benchmark stock index remains 6.6 percent off its record-high close set back in May and is down 3.3 percent for the year to date.

The Fed decision on Thursday is not the only thing that could prompt high levels of volatility this fall, fund managers say.

A possible U.S. government shutdown over the federal budget and funding for Planned Parenthood, the continuing decline in Chinese equities, and the next round of quarterly earnings results which will include guidance for 2016, could all combine to keep the stock and bond markets nervous.

Notably, the worst performing sector on Thursday was financial stocks, which fell 1.3 percent, after rallying in recent days on what some investors interpreted as the market's acceptance that an interest rate increase was forthcoming.

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