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.

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.

A member of the Fed's policy-setting committee said he thinks the central bank should lower rates to avoid a slowdown in the job market.

The Federal Reserve kept its forecast for two rate cuts this year amid Trump's tariffs, which are expected to push up inflation and slow the economy

Officials at the Federal Reserve left interest rates unchanged, as they brace for the effects of President Trump’s policies on trade, taxes and immigration. Fed Chair Jerome Powell said that “uncertainty is unusually elevated.