Federal Reserve governor Christopher Waller reiterated Thursday that he believes the Fed could consider cutting rates later this month because any inflation from tariffs will be temporary, underscoring a new divide within the central bank.

Federal Reserve Chair Jay Powell has reiterated that rate decisions will be data-driven — by inflation, and employment.

The U.S. central bank’s decision to hold interest rates steady in June was unanimously supported, but officials were starting to splinter over the path forward.