Major Wall Street economists were largely in agreement that the Federal Reserve would cut rates by a quarter point heading into this week's policy meeting.

But after a confusing news conference by Fed Chairman Jerome Powell, their forecasts for future policy are now all over the place.

The Fed on Wednesday cut its key interest rate by a quarter-point for the first time since 2008. But then Powell declared it was just a "midcycle adjustment," causing the stock market to drop and rates to firm.

"If the Chair could not pull the Committee to 50bp (basis points) today or even a strongly dovish tilt, we see it as unlikely that he can pull them to cuts in subsequent meetings," UBS economist Seth Carpenter said. "Further cuts possible but not likely."

Other economists varied between one or two more rate cuts this year.

"Given today's Fed decision and guidance, we remain comfortable with our view that the Fed will provide two more 25bp cuts this year (September and October)," Bank of America said.

"[Wednesday's] policy action should be viewed as an 'insurance' rate cut," Wells Fargo economist Jay Bryson said.

"We continue to look for one additional 25 bps rate cut, probably at the October 30 policy meeting."

Looking ahead, it will really be all about the "data" according to J.P. Morgan economists.

"We still look for one more easing in September, and continue to believe that, unlike today's meeting, the call on September depends on all of the data. While today's move was motivated by global growth, trade policy and inflation developments, we expect September's decision will also depend on domestic growth developments," they said.

Here's what the major Wall Street economists said about the Fed's latest move: