The Fed began to gradually raise rates in December 2015, with the last hike occurring in June. The current target is between 1 percent and 1.25 percent, after four quarter-point increases.
While it passed on another hike on Wednesday, the Federal Open Market Committee laid the groundwork in its post-meeting statement to start reducing its balance sheet, with language pointing to a move starting in September.
"The committee expects to begin implementing its balance sheet normalization program relatively soon, provided that the economy evolves broadly as anticipated," the statement said.
David Kelly, chief global strategist at JPMorgan Funds, disagrees with the assessment that rate hikes may be delayed. He's still betting on another increase this year.
One reason is the low dollar, he said. The U.S. Dollar index is down 8 percent so far this year.
"I think they will raise rates in December. They just don't want to say that a lower dollar is one of the reasons they feel comfortable doing so because they don't want to encourage foreign exchange volatility," Kelly told "Power Lunch."
— CNBC's Jeff Cox contributed to this report.