U.S. Federal Reserve Governor Christopher Waller, one of the more ardent voices in the central bank's battle to hike interest rates to tame inflation, said he supported a larger rate cut this week because he is now worried the pace of price increases is undershooting the Fed's target.

The only Federal Reserve official to dissent from the central bank’s aggressive half-point interest-rate cut earlier this week said she thought it would send the wrong message to markets that inflation was dead.

Michelle Bowman said such a big initial rate cut could complicate the Fed's mission of getting inflation back to its 2% target.