The potential for weakening in emerging market economies to affect U.S. growth currently looks to be somewhat limited, Federal Reserve Bank of St. Louis President James Bullard said Oct. 8, according to Reuters.

Bullard, speaking at an event in Singapore, said the pressure that some emerging markets have faced this year amid higher U.S. interest rates "has been limited to countries that have special circumstances attached to them," Reuters reported. While analysts have worried about the potential for contagion among emerging markets broadly, some have also downplayed the issue and said countries such as Argentina and Turkey were particularly vulnerable to an increase in interest rates.

Overall, he said, emerging market economies are "as prepared as they can be" for any changes in U.S. monetary policy.

The Fed has raised its benchmark interest rate three times this year, and it is also tightening monetary policy through reductions in its more than $4 trillion balance sheet.