(Reuters) - Federal Reserve Governor Christopher Waller on Friday said "the time has come" for the U.S. central bank to begin a series of interest rate cuts this month, adding that he is open-minded about the size and pace of those reductions.

"If the data supports cuts at consecutive meetings, then I believe it will be appropriate to cut at consecutive meetings," Waller said in remarks prepared for delivery at the University of Notre Dame. "If the data suggests the need for larger cuts, then I will support that as well. I was a big advocate of front-loading rate hikes when inflation accelerated in 2022, and I will be an advocate of front-loading rate cuts if that is appropriate."

The U.S. central bank is widely expected to cut its policy rate, now in the 5.25%-5.50% range, at its Sept 17-18 meeting, particularly after Fed Chair Jerome Powell said two weeks ago that "the time has come" to ease policy, given progress on inflation and cooling in the labor market.

Waller used the same phrase, but his remarks were more forceful, and signaled his openness to start the rate cuts with an upsized half-percentage-point reduction in borrowing costs.

Data published earlier on Friday showed the three-month average monthly job gain is now 116,000, below what many economists estimate is needed to meet the job-growth needs of an expanding population. That along with other recent data "reinforces the view that there has been continued moderation in the labor market," Waller said.

While the data indicates softening but not deterioration, and the economy does not look to be headed to recession, he said, "the current batch of data no longer requires patience, it requires action" as the focus of Fed policy shifts from an inflation-first stance to maintaining full employment.

Waller also noted progress on bringing inflation down.

Wage growth has slowed in a manner that is "consistent" with the Fed's 2% inflation goal, he said.

Inflation is now on the right path to get to the Fed's goal, Waller said, with underlying inflation, as measured by the change in the core personal consumption expenditures price index, at 2.6% on an annualized six-month average and 1.7% on an annualized three-month average.

While rate cuts starting at the Fed's upcoming meeting "will be done carefully as the economy and employment continue to grow, in the context of stable inflation, I stand ready to act promptly to support the economy as needed," Waller said.