Dallas Fed Robert Kaplan called on his fellow central bankers to continue to be patient as economic events unfold before making changes to interest rates.

In an essay delivered Monday, Kaplan said he is watching factors such as the U.S.-China trade tensions as well as decelerating global growth and whether they will lead to "a material deterioration" of domestic activity.

"At this stage, I believe it is too early to make a judgment on this question," he wrote. "These heightened uncertainties have intensified over the past seven weeks, and it is certainly possible that events could occur in the near future which would substantially reduce these uncertainties."

Thus, as it pertains to policy, "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 U.S. monetary policy."