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DirectA member of the Federal Reserve said that the bank's policy had changed dramatically in recent months and that it took time to measure the effects.
Since the beginning of the year, the Fed has taken a patient approach to monetary policy until it lowers its interest rates for the first time since the global financial crisis last month.
James Bullard, president of the US Federal Reserve in St. Louis, said Tuesday in a speech to the National Economists Club that he wanted to know the impact of reducing rates before badessing new measures this year.
Pollard pointed to the escalating impact of the trade war on economic growth, adding that reversing the yield curve continued to threaten the economy.
The yield curve for US Treasury bonds has been reversed most of the time 12 years after China reacted yesterday to US threats of rising tariffs.
At the moment, the markets are seeing a 100% rate reduction probability at the next monetary policy meeting in September.
"The bottom line is that US monetary policy is more relaxed today than it was at the end of last year," Pollard said.
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