Mubasher: Robert Kaplan, President of the Federal Reserve Bank of Dallas, urged his fellow central bank officials to remain patient as economic events unfold before making any policy move, CNBC reported.

“At this stage, I believe it is too early to make a judgment on this question,” Kaplan was quoted by the news outlet as saying in an essay delivered on Monday.

Kaplan acknowledged uncertainties which have intensified over the past seven months, by factors such as the trade tensions between the US and China and a slowing global economic growth, while monitoring if they could result in “a material deterioration” of domestic activity.

However, “it is certainly possible that events could occur in the near future which would substantially reduce these uncertainties,” the Fed official said.

Kaplan’s remarks came after the Fed held interest rates unchanged, hinted future cuts if conditions continued to weaken.

Markets are wagering on three rate cuts before the end of this year, with the first next July.

However, concerns remained “that adding monetary stimulus, at this juncture, would contribute to a build-up of excesses and imbalances in the economy which may ultimately prove to be difficult and painful to manage,” Kaplan was quoted by CNBC.

“I believe it would be wise to take additional time and allow events to unfold as we consider whether it is appropriate to make changes to the stance of US monetary policy,” he noted.