Ahead of the Fed decision, one market expert has one key piece of advice for Jay Powell

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Peter Boockvar: The Fed may end up disappointing the market

As investors brace for an expected Fed rate cut, Peter Boockvar has one message for Fed Chairman Jerome Powell: Don't signal any more rate cuts.

The chief investment officer of Bleakley Advisory said Tuesday's on CNBC's "Futures Now" that while the bond market has already priced in future rate cuts, that's not necessarily what the Fed should be doing.

"I don't think Powell should be committing one way or the other to say 'this is one and done' or 'this is the beginning of more,'" said Boockvar. "If they're truly data dependent like they claim to be, why commit yourself? There's a lot of data between tomorrow and that September meeting for them to digest."

Boockvar is referring to what he sees as mixed economic data, and he believes that the numbers aren't all "going in the direction of a rate cut" leading into Wednesday's decision and beyond. As a result, he believes Fed policymakers should give themselves more leeway and avoid committing to signaling that a rate cut is coming in September and beyond.

"Considering how some of the data has been decent lately and it hasn't all been negative, I don't think that Powell is going to officially endorse that September cut," Boockvar said.

Not only that, but Boockvar believes that there could be dissenters, such as Kansas City Fed President Esther George and Boston Fed President Eric Rosengren. If so, Boockvar said, it would be strange for the Fed to keep pushing for more cuts this year.

In fact, he says, there actually may not be anything more the Fed can do.

"They'll try to steepen the yield curve and see if it helps, but that really hasn't helped because they've already signaled rate cuts and the yield curve is not steepening," Boockvar said. "It's gotten less inverted, but it hasn't steepened."

"I just don't think that rate cuts will matter and will do much for growth," he added.