The Federal Reserve cut interest rates by half a percentage point on Wednesday, signaling that it is shifting focus from battling inflation to safeguarding the job market. The cut will likely have major implications for the larger economy, but as for the art market, experts say the move is unlikely to be enough to ease fears and cautious spending.

The reduction, which brings rates down to about 4.9 percent, follows months of slowing inflation and is intended to prevent the economy from weakening too much and to stop further job losses, according to the New York Times.

“I think it’s a move in the right direction,” Philip Hoffman, the founder of The Fine Art Group, told ARTnews. “But I don’t think until rates come down by one to two percent that we will see much correction on the market.” Hoffman called the forthcoming auction season a “chicken and egg” situation in which the sales are too small to entice buyers and interest rates still too high for sellers to consider letting go of their best works. “Everyone is still waiting,” he said. “There’s an election coming and people want to see what who will take over and what the tax situation will be. No one right now is interested in testing the market.”

Officials and market watchers expect further cuts, possibly another half-point reduction by year-end, as they aim to maintain economic stability. Despite some concerns, Federal Reserve Chair Jerome Powell expressed confidence in the Fed’s progress toward lowering inflation without causing significant economic disruption, with hopes for a “soft landing” that avoids recession.

Drew Watson, head of art services with Bank of America Private Bank, called the rate cut “a signal that we may be approaching the end of a broader trend of increasingly high interest rates.” He added that historically the art market tends to perform more positively in periods with lower interest. It’s notable too, he said, that collectors will have more liquidity with the lower rates, which may pique the interest and strengthen the backbone of cosigners who have been holding back their best works during an economically slow period in the market.