HOUSTON (Reuters) - Dallas Federal Reserve Bank President Robert Kaplan said on Friday the U.S. central bank now has monetary policy at a “roughly” appropriate setting and should leave interest rates where they are for the time being.

The Fed earlier this week cut its target for the overnight bank-to-bank lending rate for the third time this year, to a range of 1.5%-1.75%, moves Kaplan said he “strongly” supported.

But he said now the Fed should “be patient and allow some time to unfold...The setting of monetary policy today is roughly appropriate, based on my outlook for the economy.”