Federal Reserve governor Christopher Waller reiterated Thursday that he believes the Fed could consider cutting rates later this month because any inflation from tariffs will be temporary, underscoring a new divide within the central bank.

Federal Reserve governor Christopher Waller said Thursday that the central bank should consider cutting interest rates at its July meeting, even after a strong June jobs report.

The U.S. central bank’s decision to hold interest rates steady in June was unanimously supported, but officials were starting to splinter over the path forward.