BALTIMORE (Reuters) - The U.S. Federal Reserve should hold interest rates steady for the time being after last week’s cut in borrowing costs and assess how the economy evolves, Richmond Fed President Thomas Barkin said on Tuesday.

“I think where we’ve gone now is that we’ve taken out some insurance and that insurance, I hope, we will see over the next six months the kind of impact you want to have on that. I think it’s a good time though to pause...and that’s what I am looking to do,” Barkin told reporters following a speech to an economic outlook conference in Baltimore.