Waller restated the case he first revealed in a Thursday speech that the Fed should cut when policymakers gather later this month, given data suggesting the US labour market is “on the edge.”

Federal Reserve Governor Christopher Waller said on Friday that unemployment in the private sector is the reason he may recommend a rate cut in the July Federal Reserve meeting. “The headline numbers for the labour market that we’re seeing are okay.

Christopher Waller, a potential contender to be the next chair of the central bank, said the Federal Reserve should not wait for the labor market to weaken to reduce interest rates.