Federal Reserve Governor Christopher Waller on Thursday laid out the argument he is going to make in two weeks to his central bank colleagues — cut interest rates now because the labor market is weaker than you think,

Federal Reserve Governor Christopher Waller said on Thursday he continues to believe the U.S. central bank should cut interest rates at the end of this month amid mounting risks to the economy and the strong likelihood that tariff-induced inflation will not drive a persistent rise in price pressures.

Fed officials will gather July 29-30 in Washington. Waller’s remarks set him apart from most of his fellow policymakers, who have characterized the employment landscape as still solid.