Federal Reserve Governor Christopher Waller said Thursday he will need to see more evidence that inflation is cooling before he is willing to support interest rate cuts.

In a policy speech delivered in Minneapolis that concludes with the question, "What’s the rush?" on cutting rates, the central bank official said higher-than-expected inflation readings for January raised questions on where prices are heading and how the Fed should respond.

"Last week’s high reading on CPI inflation may just be a bump in the road, but it also may be a warning that the considerable progress on inflation over the past year may be stalling," Waller said in prepared remarks.

While he said he still expects the Federal Open Market Committee to begin lowering rates at some point this year, Waller said he sees "predominately upside risks" to his expectation that inflation will fall to the Fed’s 2% goal.

He added that there are few signs inflation will fall below 2% anytime soon based on strong 3.3% annualized growth in gross domestic product and employment, with few signs of a potential recession in sight. Waller is a permanent voting member on the FOMC.

"That makes the decision to be patient on beginning to ease policy simpler than it might be," Waller said. "I am going to need to see at least another couple more months of inflation data before I can judge whether January was a speed bump or a pothole."