(Reuters) - Federal Reserve Governor Adriana Kugler said on Thursday she's closely watching markets amid substantial shifts in trade policy and possible diminished investor desire to hold U.S. dollar assets.

"I have been paying attention to the possible interaction between the financial vulnerabilities of firms and their exposure to trade," Kugler said. "As global economic tensions rise and supply chains evolve, understanding how a company's financial health intersects with its international trade exposure becomes increasingly crucial" amid what the Fed official called "an uncertain global economic landscape."

Kugler, whose comments came from the text of a speech prepared for delivery before a conference at the central bank, did not make any forward-looking comments about monetary policy or the economic outlook.

The central banker spoke as President Donald Trump's trade war continues to keep financial markets unsettled, while at the same time boosting risks around the economic outlook. The president has sought in a rapidly shifting fashion to dramatically increase import taxes to spur a return to the U.S. of manufacturing, although that agenda was dealt a major setback by a court decision Monday invalidating much of the current slate of tariffs.

Fed officials and many private sector economists believe the tariffs will likely increase inflation at least for a time, while pushing up unemployment and depressing growth. The president's trade policy has also introduced heavy volatility into global financial markets and appears to be fueling a move away from dollar-denominated assets, which could have big implications for the future of the American economy.

"I have been monitoring the financial stability implications of the potential lower desirability of U.S. financial assets in flight-to-safety events," Kugler said, as recent market moves have shown less safe-haven interest in U.S. assets during periods of stress.

"As the global economic landscape shifts, it is crucial to examine how possible changes in the role of U.S. financial assets as a safe haven might affect financial stability both domestically and internationally," Kugler said.

Kugler's remarks followed the release on Wednesday of meeting minutes from the central bank's May 6-7 rate-setting Federal Open Market Committee meeting. Then, some officials noted concern about how investors approached U.S. assets during April's market woes, as government bond yields rose while the dollar lost ground along with stocks and other assets.

"These participants noted that a durable shift in such correlations or a diminution of the perceived safe-haven status of U.S. assets could have long-lasting implications for the economy," the Fed meeting minutes said.