Instead, this is a controlled easing cycle that underlines how China's policymakers, unlike many of their peers elsewhere, still have room for policy manoeuvre," he said.
Shane Oliver, chief economist at AMP Capital, said that at this stage of the easing cycle in 2009, house prices were rising 12 percent annually, while approvals for new homes were up 41 percent on the year.
Bruce Steinberg, chief economist at Merrill Lynch, said in the eight previous periods over the last half- century in which the Fed had undertaken a rate-cutting campaign of the magnitude of this one, the stock market had declined in half the cases by this point in the easing cycle.
"Most economic indicators remain far weaker than they normally are this far into an interest rate easing cycle, suggesting monetary conditions are still too tight," Mr. Oliver said.
"The Fed is in an easing cycle, it should be, to restimulate the economy," he said, "and stocks have always done well in Fed-easing cycles over the last 50 years.
"In the view of a number of members," the minutes said, "the committee might well be near the end of its easing cycle".
Interbank lending rates on Monday morning stood at 4.7% (annualised) for one week, up about 150 basis points from the start of the easing cycle in late November.
The Fed will probably retain language in its policy statement signaling a willingness to consider further rate reductions, he said, but "the easing cycle that began in January 2001 is now probably over".
Now that the central bank has started its easing cycle, however tentatively, it is only a matter of time before it cuts rates again and further reduces banks' reserve requirements, making it easier for them to lend.
China launched its easing cycle last November (it has cut interest rates twice and RRR once since then), and Mr Li has pledged to do more to support growth if needed.
Analysts believe the central bank's monetary easing cycle has probably bottomed out, but have not ruled out further cuts in light of the fragility of the island's economic recovery.
