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Despite the many unfavorable factors facing the economy, including weakening global growth, continuing trade tensions, and the geopolitical risks of Britain's possible disorderly exit from Europe, only one policy maker, Saint Louis Federal Reserve Bank President Brad, believes that further policy easing is possible in the future.
Brad had paid more attention to the upside-down of the yield curve of U.S. Treasury bonds, which was sometimes seen as a sign that the economy was about to fall into recession. He pointed out that the bond yield curve now looks more normal.
But Brad told the Evenham County Chamber of Commerce that it may be because of market expectations about the Fed's future policy initiatives.
Mary Daly, president of the San Francisco Federal Reserve Bank, acknowledged in another event a few hours later that the Fed's policy easing was only a "partial" offset of the factors that dragged down the economy. But she did not hint whether she would support further interest rate cuts to more fully offset the downside.
"When the downside comes, it has a real impact -- that is, curbing aggregate demand," she said, explaining her support for the Fed's interest rate cuts so far this year. "Compared with the absence of these unfavorable factors, our aggregate demand momentum is now declining, and monetary policy can and should offset these unfavorable factors."
When interest rates fall, households can refinance their mortgages and use their savings to buy things they might not have bought, she said.

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