Speaking in an interview with Bloomberg, Boston Fed President Eric Rosengren expressed surprise that the U.S. housing market had not begun to show signs of recovery as of yet.

"People have been expecting a recovery in housing much sooner than it has offered and that's continued to surprise on the downside," he said.

The fact that the Fed's aggressive rate cut have failed to cause a rebound in the ailing sector suggests the U.S. economy is weaker than many would have liked, he added.

He also promised he was working on other measures which would be geared at easing tensions in U.S. mortgage markets.

Previous market commentary suggests Rosengren is dovish on growth.

By Erik Kevin Franco and edited by Cristina Markham