One of the chief reasons the Federal Reserve should cut interest rates now, a top central banker argues, is because the economy has gotten weaker and is likely to stay weak for the rest of the year.

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