NEW YORK—Federal Reserve Gov. Lael Brainard said Tuesday that three central-bank rate cuts have put monetary policy in the right place for now, in remarks that also sketched out her preferred path for updating central-bank tools to deal with a low interest-rate world.

“It will take time” for the full effects of the Fed’s rate cuts to move through the economy, Ms. Brainard said in a speech before a gathering of the New York Association for Business Economics. “I will be watching the data carefully for signs of a material change…

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