(Bloomberg) -- Federal Reserve Governor Christopher Waller said he wouldn’t support lowering interest rates in March, but sees room to cut two, or possibly three, times this year.

“If the labor market, everything, seems to be holding, then you can just kind of keep an eye on inflation,” Waller said Thursday at the Wall Street Journal CFO Network Summit. “If you think it’s moving back towards target, you can start lowering rates. I wouldn’t say at the next meeting, but could certainly see going forward.”

After lowering rates by a percentage point in the closing months of 2024, Fed officials held their benchmark steady in January and are widely expected to remain on hold when they gather March 18—19 in Washington. Several policymakers have indicated they want to see more progress on lowering inflation before cutting rates again.

Waller repeated his assessment that the impact on inflation from tariffs likely wouldn’t be significant.

Employment data due Friday is expected to show job creation picked up and the unemployment rate held steady in February, according to a Bloomberg survey of economists.

--With assistance from María Paula Mijares Torres.