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

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.

Federal Reserve Gov. Christopher Waller on Thursday called for the central bank to cut interest rates at its July meeting, breaking ranks with Chair Jerome Powell and staking out the most forceful case yet for easing policy this summer.

Investors, not the Fed, control the interest rates that matter most to businesses and consumers. They might demand higher returns if the central bank’s independence comes into question.

Fed Chair Jerome Powell is under fire from the White House, which accuses him of bungling a renovation of the Fed's HQ and has suggested it could be cause to fire him.

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.

President Donald Trump may ultimately get his wish for lower interest rates, but it isn’t likely to be the result of his intensifying criticism of Federal Reserve Chairman Jerome Powell.