Fed Governor Christopher Waller, at a New York event, said the US central bank should lower borrowing costs at its July 29-30 policy meeting to preserve the labor market’s stren

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.

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.