One of the chief reasons the Federal Reserve should cut interest rates now, a top central banker argues, is because the economy has gotten weaker and is likely to stay weak for the rest of the year.

A Federal Reserve governor seen as a candidate to succeed Chair Jerome Powell laid out his strongest case yet for a rate cut this month, aligning himself with President Trump's demands that the central bank lower interest rates.

Federal Reserve Governor Christopher Waller said policymakers should cut interest rates this month to boost a job market that looks to be weakening.