WASHINGTON (Reuters) -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 on Friday.

"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.