The Federal Reserve should consider cutting interest rates at its next meeting given recent tame inflation data and the fact that any price shock from import tariffs will be short-lived, Federal Reserve Governor Christopher Waller said on Friday.

Federal Reserve Governor Waller signaled potential interest rate cuts as early as July, despite the Fed's decision to hold rates steady over inflation worries amid Trump's criticism.

Federal Reserve Gov. Christopher Waller said that the central bank could cut interest rates as early as July, arguing that inflation under tariffs wouldn't likely be a problem.