Federal Reserve Governor Chris Waller said Monday that slowing inflation and a moderating but still-solid economy has him leaning towards another interest-rate cut at this month's FOMC meeting, continuing the work of returning monetary policy to a more neutral setting.

Federal Reserve Governor Christopher Waller cited recent data indicating that progress on inflation may be "stalling."

A top Federal Reserve official says he is leaning toward supporting an interest rate cut when the Fed meets in two weeks but that evidence of persistent inflation before then could cause him to change

Federal Reserve Governor Christopher Waller, whose views are often a bellwether for U.S. monetary policy, said on Monday that with inflation still forecast to fall to 2% he is inclined "at present" to support another interest rate cut later this month.

Federal Reserve governor Christopher Waller said he was leaning toward favoring a cut in interest rates at the central bank’s meeting later this month, though he also said he could be open to arguments for holding rates steady.

The central bank governor said that while the recent uptick in inflation does raise concerns that price growth could get stuck above the Fed’s 2% goal, he doesn’t want to overreact.