WASHINGTON (Reuters) - The Fed is watching for signs a global trade slowdown is having broader impacts in the United States beyond manufacturing and investment, but is not yet heading into a "full-fledged rate cutting cycle," Dallas Federal Reserve President Robert Kaplan said on Friday.

"The debate we are having around the (Federal Open Market Committee) table is, there is a risk that slowing global growth and weak business investment is going" to move beyond an immediate impact on factories and capital spending, Kaplan said. So far "the consumer is strong ... I expect that to continue ... But it is fragile."

"We therefore took action in July and took action in September. I don't view this as starting a full fledged rate cutting cycle ... But it is appropriate to adjust the stance of monetary policy in a more limited, restrained way."

(Reporting by Howard Schneider; Editing by Alison Williams)