Waller on Friday said current U.S. inflation trends “are pretty good,” with the annual rise in consumer prices close to the Fed’s 2% target, possibly justifying an interest-rate cut at the bank’s next meeting. He is the first top Fed official to suggest a rate reduction is feasible at that July 29-30 gathering.

Christopher Waller, who serves on the Federal Reserve’s Board of Governors, said Friday the central bank should deliver interest rate cuts as soon as July, echoing President Donald Trump’s demands for lower borrowing costs.

Christopher J. Waller, who was appointed by President Trump, said the central bank should not wait for the labor market to weaken.