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 Chris Waller, keen to cut rates this month, said if the president asked him to be chairman of the Federal Reserve, he would accept.

“With inflation near target and the upside risks to inflation limited, we should not wait until the labor market deteriorates before we cut the policy rate,” he said. “I believe it makes sense to cut the (Fed’s) policy rate by 25 basis points two weeks from now.” (Twenty-five basis points equals one quarter of an interest rate point.)

Fed Governor Waller discusses balance sheet challenges, QT into 2029, and risks to Fed independence. Read the implications for markets if Powell leaves the Fed.