(Reuters) -Federal Reserve Bank of Dallas President Lorie Logan on Thursday signaled that the central bank may need to keep short-term interest rates where they are for quite some time as it waits for the data to show if President Donald Trump's mix of trade, tax and regulatory policies pushes up inflation or down on employment

"For now, with the labor market holding strong, inflation trending gradually back to target, and risks tothe (Fed's) objectives roughly balanced, I believe monetary policy is in a good place," Logan said at an event in Waco, Texas. "It could take quite some time to know whether the balance of risks is shifting in one direction or another." 

If the balance does shift, she added, "We'll be well prepared to respond."

The Fed earlier this month left its policy rate in the 4.25%-4.50% range. Logan is only the latest in a string of policymakers including Fed Chair Jerome Powell to say that it's too early to know whether Trump's aggressive tariffs will push up inflation only temporarily or more persistently, or if the tariffs could reduce employment in some import-dependent sectors. 

"Stimulative federal fiscal policy or changes in regulations could also boost investment and consumer demand," Logan said. "On the other hand, economic uncertainty and financial market volatility could prompt consumers and businesses to pull back, slowing the economy."