The Federal Reserve should consider cutting interest rates at its next meeting given recent tame inflation data and the fact that any price shock from import tariffs will be short lived, Fed governor Chris Waller said Friday.

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"Any tariff inflation ... I don't think is going to be that big and we should just look through it in terms of setting policy," Waller said on CNBC's Squawk Box. "The data the last few months has been showing that trend inflation is looking pretty good ... We could do this as early as July."

His dovish comments follow a Fed meeting where the central bank held rates steady and indicated they would remain on hold for now.

“If you’re starting to worry about the downside risk [to the] labor market, move now, don’t wait,” he said. “Why do we want to wait until we actually see a crash before we start cutting rates? So, I’m all in favor of saying maybe we should start thinking about cutting the policy rate at the next meeting, because we don’t want to wait till the job market tanks before we start cutting the policy rate.”

U.S. stock futures rose following Waller’s remarks.

According to the Fed's "dot plot" for interest rate policy expectations for the next year, 10 of the 19 participants in these Fed meetings foresee two to three reductions. Seven expect rates will be held steady, and just two believe one cut will be the outcome.

President Donald Trump has called for the Fed to reduce the current Fed funds rate of 4.33% by a minimum of one full percentage point and as much as 2.5 percentage points.

While Waller is in favor of the Fed starting to cut rates next month, he believes the central bank should do it cautiously, saying:

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"You’d want to start slow and bring them down, just to make sure that there’s no big surprises. But start the process. That’s the key thing," he said. "We’ve been on pause for six months to wait and see, and so far, the data has been fine. ... I don’t think we need to wait much longer, because even if the tariffs come in later, the impacts are still the same. It should be a one-off level effect and not cause persistent inflation."

Fed Chairman Jerome Powell has repeatedly said he expects the tariffs will be inflationary and, as a result, he believes the Fed should stick to its wait-and-see approach.

Futures market pricing indicates Wall Street does not expect a cut to interest rates at the Fed's next meeting July 29-30. Rather, the consensus is that the Fed will cut rates in September.