Overnight

Well, the Fed spoke Wednesday, dialing back talk about raising interest rates, as one commentator reported, just how quickly they will be hiking rates in the future. The new normal although it's hardly new and it isn't very normal is the Yellen-led Fed is searching for some inflation as it appears inflation of the only thing that's going to get this Fed off the dime.

Meanwhile, the Bank of Japan made few friends among investors, something it now is in dire need of, after sitting tight on any new monetary stimulus. With the U.S. dollar softening on the Yellen news and the yen pushing higher ever so slightly against the dollar, it was not a recipe to make make investors in Japan jump for joy. Couple that with the upcoming Brexit vote in the UK and you have a wait-and-see play going on.

Asian shares broadly turned south after digesting the news with the Nikkei down -3%, the Hang Send for over -2%, the Korean Kospi faded -1.07% , the Shanghai Composite edged lower- 0.21%. the Australian ASX 200 was among the few bucking the down draft by edging slightly higher 0.06%.

For Japan's Nikkei it hit a four-month low overnight taking out its April low and at one point trading at 15,436.61. The yen helped itself to trade near a 22-month high, Reuters reported. Again, as previously noted, the strong yen won't make the export sector happy.

Here in the U.S. Thursday brings the consumer price index, expected at 8:30 a.m. EDT  in what some are labeling is "the first fresh inflation report after the Fed forecasts Wednesday revealed that one rate hike is probably more likely than two this year. Fed forecasts also show at least four fewer hikes than previously forecast through 2018."