The Federal Reserve’s $4.5 trillion balance sheet is not doing a lot to boost the U.S. economy at this time and trimming it gradually is the right thing to do, Minneapolis Fed President Neel Kashkari said.

“I think the big, big balance sheet isn’t doing a lot to boost the economy right now, but I do think there are costs in terms of public confidence in the Federal Reserve,” Kashkari told a business group in Woodbury, Minnesota.

Kashkari has dissented on both of the U.S. central bank’s rate hikes this year, saying he wanted to wait to see if the recent weakness in inflation is transitory. But earlier this week he voted with fellow policymakers on a plan to begin reducing the Fed’s bond holdings “relatively soon,” language that Wall Street has interpreted to mean September.

“I have been in favor of us slowly bringing that balance sheet back down