Wall Street breathed a sigh of relief last week, as the Federal Reserve held off on raising interest rates. However, one top bond watcher says investors need not worry about upcoming rate increases, because the Federal Reserve is actually scared that any such action would throw global bond markets into turmoil.

In a recent interview on CNBC’s Fast Money, Citigroup’s Head of North America Economics William Lee said the concerns about a lack of liquidity in the fixed income markets would sideline any Fed action for the foreseeable future.

“The Fed’s trying to reassure everybody that they’re going to do things nice and slow, nice and gradual…but one of the things that I’m worried about is what’s happened to the bond market since the crisis,” said Lee.

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