FILE PHOTO: Federal Reserve Bank of Richmond President Thomas Barkin poses during a break at a Dallas Fed conference on technology in Dallas, Texas, U.S., May 23, 2019. REUTERS/Ann Saphir/File Photo

BALTIMORE (Reuters) - Richmond Federal Reserve bank president Thomas Barkin said on Friday it would take a “substantial” change in the economic outlook for him to support a rate change.

Barkin said the U.S. economy is steady after the Fed cut interest rates three times in 2019 to ward off the risks of the trade war with China and the global economic slowdown and that policymakers should be patient before making further changes.

“I want to see the impact of this before deciding to do something else,” Barkin said after speaking to a group of bankers in Baltimore about his economic outlook.

Fed officials agreed unanimously to leave interest rates on hold at last month’s policy meeting after cutting rates three times in 2019.