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.

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.

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.