The U.S. dollar dropped against rivals after Fed governor Christopher Waller, who is reportedly under consideration for the lead role at the Fed, advocated for an interest-rate cut at the next central bank meeting in two weeks.

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.”

Governor Christopher Waller's comments come as tensions between Fed Chair Jerome Powell and President Donald Trump have reached a boiling point in recent days.

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.

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

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

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

Federal Reserve Governor Christopher Waller just made the case for cutting interest rates at the Federal Open Market Committee's July meeting.