Fed Gov. Chris Waller has argued for months that tariffs would not raise inflation much, giving the central bank room to cut U.S. interest rates. He acted on his belief by dissenting in Wednesday’s vote by the Fed to leave rates unchanged.

Federal Reserve Governor Christopher Waller said on Thursday he continues to believe the U.S. central bank should cut interest rates at the end of this month amid mounting risks to the economy and the strong likelihood that tariff-induced inflation will not drive a persistent rise in price pressures.