Federal Reserve Chairman Ben Bernanke will probably lead the central bank to another round of quantitative easing (QE3), but it’s unlikely to help much, says Jason Trennert, chief investment strategist at Strategas Research Partners.

With economic growth likely to remain sluggish, Bernanke is more concerned about deflation than inflation, Trennert says.

"So I still think you're going to get something from the Fed,” he tells Yahoo. “I just don't think it's going to be all that effective."

Editor's Note: You Owe It to Yourself to Know What Obama and Bernanke Are Hiding From Americans

The stock market has gained successively less after each easing operation since 2009, Trennert notes. So don’t expect much out of stocks when the central bank embarks on QE3, he says.

The fact is that after 4 ½ years of accommodation, the Fed has little weaponry left, Trennert says.

"You're reaching the limits of what monetary policy can do for the overall economy. If you look at interest rates, that’s not the impediment to economic growth. . . . It’s a lot of things on the fiscal side.”

Trennert puts the blame on the White House and Congress. “They're creating an environment where you don't know what the rules of the game are."

Some experts question if the Fed will ease again soon. “They probably want to see more evidence that the labor market has stalled,” Roberto Perli, managing director at International Strategy and Investment Group and a former Fed economist, tells Bloomberg.

Editor's Note: You Owe It to Yourself to Know What Obama and Bernanke Are Hiding From Americans