AUSTIN, Texas (Reuters) - The Federal Reserve is doing the right thing by keeping interest rates on hold and should do so for months, not weeks, as it assesses downside risks, Dallas Federal Reserve Bank president Robert Kaplan said on Friday, adding that this has been his view since late last year.

“My position did not abruptly change,” Kaplan said after a talk at the Texas Lyceum in Austin, adding that he had seen risks in financial markets and in global weakness in October. The Fed this week signaled it would keep rates steady for the time being. Kaplan said that he expects inflation to stay muted, giving the central bank the luxury to be “patient” on policy decisions.