By Michael S. Derby NEW YORK (Reuters) -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.

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Governor Christopher Waller's comments come as tensions between Fed Chair Jerome Powell and President Donald Trump have reached a boiling point in recent days.

For a moment on Wednesday, it looked like President Donald Trump would finally attempt the improbable and fire Federal Reserve Chair Jerome Powell.

A new report shows inflation has picked up and analysts believe the prices of many goods increased, in part, because of President Trump’s tariffs. It will play into decisions by the Federal Reserve about when and whether to cut interest rates and comes as the president and his team have ramped up their pressure campaign on Fed Chair Jerome Powell.

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Some investors had clung to a bit of hope that the Federal Reserve would cut interest rates at its next meeting on July 30. Tuesday's report on inflation brought the chances of that down even further.

New tariffs on key building materials and persistently high interest rates are squeezing project budgets and increasing costs for the US construction industry.

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Financial markets are betting the Federal Reserve sticks to its "wait and see" approach to interest rates this summer, but that by September it will have waited and seen enough to start cutting borrowing costs.

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