Fed can be patient, ready to respond if needed: Logan

June 2 (Reuters) - With the labor market stable, inflation running somewhat above target, and the outlook uncertain, the Federal Reserve is keeping a watchful eye on a broad range of data to judge what response might be needed, and when, Dallas Federal Reserve Bank President Lorie Logan said on Monday,.

"Monetary policy is really well positioned for us to wait and be patient and watch the data, knowing that if the risks are to materially change on either side, we're well positioned to act," Logan said at a banking conference. "Our job is to ensure that a one-time increase in the price level doesn't become an ongoing persistent problem of inflation."