The Federal Reserve hiked rates in July, and it could be the final rate hike of the cycle. But while the latest rate hike was all but certain, there are still plenty of questions about what lies ahead. In a note from Wednesday evening, Goldman Sachs chief economist Jan Hatzius pointed out that Powell made it clear any further hikes will depend on inflation data. But Bank of America analysts led by US economist Michael Gapen remain unconvinced that the rate hike cycle is truly over. As for equities, Wall Street widely expected this week's rate hike, so there are no major changes to their second-half investing recommendations.

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Persons: Jerome Powell, Henry Allen, shouldn't, Allen, Goldman Sachs, Jan Hatzius, Powell, Hatzius, Gurpreet Gill, Gill, Peter Hooper, Michael Gapen, Gapen, Goldman's Gill, America's Gapen, Morgan Stanley, Mike Wilson Organizations: Federal, shouldn't, Deutsche Bank, Fed, Goldman Sachs Asset Management, Bank of America, Bank, America's Locations: Wall