Loose monetary policy can appear to work so long as real wealth is expanding. But money expansion weakens wealth creation over time, eventually leading to slower growth, lost wealth, and economic busts.
The US dollar came to rule the world in the wake of two world wars. But back then, the dollar's hegemony was based on a solid foundation of savings and capital accumulation. But today, the dollar's growth is based on huge piles of debt.
With the economy growing at 2.1%, unemployment at 3.6%, creating 170,000 jobs per month, and estimated underlying core inflation of 2%, no objective data justifies cutting rates that are already artificially low.