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.

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.