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.

A July easing could be followed by more rate cuts, as the Fed no longer needs a monetary policy stance designed to slow the economy, Waller said, noting the Fed’s interest rate target is well above the 3% officials consider its long-run level.