The result of Central Banks meetings do not seem to have gone well from a market prospective. While the US meeting did not mention the global risks as a reason to delay an increase, there was little said in terms of forward guidance in when an increase will come. Perhaps June. The BoJ was another story. The clear evidence of a need for more stimulus did not prompt the committee to add more stimulus. This has caused the expected reactions in the Yen and stock market.
What the central banks are saying to the markets at this point is they are in a wait and see pattern. Looking at the health of the economy on its own to see if it will be able to perform without a safety net. This will adjust the expectations of the market in terms of where bad news will take the markets and how much volatility can spike. The market will also have to use data to estimate when a rate hike (or cut) is most likely to occur. With US GDP coming out in a little over an hour, positive news will help to solidify the estimates of a June hike or push them further. As the markets are left to walk on their own more, it can be expected to experience a few stumbles and wobbles. The question is how many falls until the bank step back in.