Fed Gov. Christopher Waller said he thinks the central bank should cut rates next month. Trump has demanded lower borrowing ...

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.

Fed chief Jerome Powell, whose term ends next spring, has become a piñata for Trump. The president has repeatedly demanded the Fed lower rates and has assailed Powell publicly for not doing so.

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