Federal Reserve Gov. Christopher Waller on Thursday called for the central bank to cut interest rates in July. Waller said

Some officials want a July cut to protect the labor market, while others want to wait because they anticipate more inflation coming.

A top Federal Reserve official said late Thursday that the central bank should cut its key interest rate later this month, carving out a different view than that of Chair Jerome Powell, who has been harshly criticized by the White House for delaying rate cuts.