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The Federal Reserve declined to raise interest rates at Wednesday's policy meeting, prompting analysts to speculate that the decision opens the door for more rate hikes in the coming year.
"If anything it solidifies the course the Fed has followed of at least four rate hikes in the next 14 months," Guggenheim Partners CIO Scott Minerd said on CNBC's "Power Lunch."
The economy has been growing at a steady 3 percent, unemployment is down and damage from Hurricanes Harvey and Irma didn't leave a lasting impact on the economy. The Fed even upgraded the economy, describing its growth as "solid" versus "moderate." Minerd said he sees the Fed's announcement as an indication of coming rate hikes.
Despite all appearances that Fed Chair Janet Yellen's dovish influence bolstered the economy, Minerd and David Lebovitz, an analyst at JPMorgan, didn't quite give her credit.
"Central banks are the source of and solution to every financial crisis. It depends where you are sitting in the cycle and where you step in and what you do," Minerd said. "Yellen inherited a dovish environment, she is the ultra dove. She delivered the goods but that was all sort of preset coming out of the Bernanke years."
Meanwhile, it looks like Yellen's tenure as Fed chair will be over once her term ends in February. The Wall Street Journal, citing a source, reported Wednesday that President Donald Trump has picked Jerome "Jay" Powell to succeed Yellen. Powell was seen as the front-runner and a safe choice for the role.