A federal reserve official cautioned today that a future rate cut may have limited effect on the economy. In a statement at the International Institute of Finance, he stated “The current stance of monetary policy should help the economy get through the rough patch during the next year.”

He also acknowledged that the last rate cut was influenced in part by the possibility if a large stock market selloff. However, it appears that they believe additional rate cuts could spark inflation and will not have as large of an effect as past rate cuts.

Despite these comments, the market still seems to predict a rate cut, with futures markets predicting a quarter-point cut with 86 percent certainty.