In what could be a hint at the Fed’s policy rate plans, Federal Reserve governor Lael Brainard clarified that the central bank will “use only one [monetary policy] tool actively at a time”, in a speech on March 7.

Brainard’s remarks could indicate the central bank does not intend to cut rates until it finishes normalising its balance sheet. The Fed has been signalling it intends to continue to reduce the balance sheet size until later this year.

“I want to make it clear that we would not want