The question then becomes how soon until the next hike, says Bob Doll, chief equity strategist at Nuveen Asset Management.
"The economy is doing really well, and I'm worried that could we get to the point … where the concern is going to be more about the economy overheating than recession," Doll told CNBC's "Trading Nation" on Friday. "I'm not suggesting that's where we are, but I think we need to ask the question."
U.S. economic conditions have steadily improved this year as the labor market has tightened, wage growth has picked up speed and tax cuts have boosted profits. Growth in the GDP has reflected those improvements.
"Second-quarter nominal GDP was well into the 5s. Could it be over 6 percent nominal in the third quarter when it gets reported?" Doll asked. "All of that, we'd say 'Oh my goodness, are we beginning to have an economy that's too strong?'"
Nominal GDP, which includes inflationary price changes, rose by 5.4 percent from April to June. Real GDP increased by 4.2 percent, its strongest pace since the third quarter of 2014.
Powell's statement on Wednesday could give some insight into how quick the Fed will raise rates in response to economic strength, says Doll.
"Is he going to be concerned and show a dovish hand by talking about concerns outside the U.S.? I doubt he'd use the reference to emerging markets, but that would be implied," he said. "Does he go the other way and say, 'My goodness, the labor market is getting tight, we've got year over year wages up to 2.9 percent. We've got to worry about that side?'"
Faster economic growth and increased inflation would push the Fed to raise rates at a more aggressive pace than anticipated. Markets are pricing in another 25-basis-point hike on Wednesday, its eighth of this tightening cycle, which began in December 2015, according to CME Group fed funds futures. Another could come as soon as December.