The Fed this year cut interest rates three times, reversing most of last year’s increases to bolster a slowing economy WASHINGTON: The impact of recent interest rate cuts will take time to filter through to the US economy, leaving the central bank time to assess their effectiveness, a top Federal Reserve official said on Wednesday. The Fed this year cut interest rates three times, reversing most of last year’s increases to bolster a slowing economy and provide “insurance” against looming dangers, including President Donald Trump’s trade wars. “It will take some time to see that work through the economy so I certainly want to monitor and assess how the economy is reacting to those cuts,” Fed Gov. Lael Brainard told CNBC. She was echoing the message of Fed Chair Jerome Powell and other central bankers who have signaled no more rate moves are likely for now. “I think for my own part, I want to monitor I want to wait for a little bit, as I assess how the outlook is adjusting,” Brainard said. She noted there are signs of “some improvement in residential investments and turn around there which is the kind of thing you would expect to see in a lower rate environment.” However, Brainard said the balance of risks “has been tilted to the downside for some time,” pointing to the trade war in particular. More than a month after Trump announced “phase one” agreement with Beijing to begin to bring the dispute to an end, US and Chinese officials appear no closer to signing a deal. Fed reports and economic data have shown businesses have put the brakes on investments amid the uncertainty caused by the trade war, while manufacturing is contracting. Trump in recent days has reiterated threats to jack up tariffs on Chinese imports should Beijing prove uncooperative. Even a truce would lessen the uncertainty weighing on US business investment, Brainard said.