Federal Reserve Governor Christopher Waller on Friday supported an interest rate cut at the upcoming Fed meeting, citing progress on inflation and a moderating labor market.

Waller indicated he is open to a substantial reduction if necessary and suggested that a series of cuts might follow.

His comments came after a weaker-than-expected jobs report, which showed job growth of 142,000, below forecasts.

Waller emphasized that the size and pace of cuts will depend on future data and expressed readiness to act aggressively if needed to achieve a smooth economic transition, CNBC has reported.

Futures markets now reflect a higher chance of a quarter-point cut this month and potentially larger reductions later in the year.

Written by B.C. Begley