Federal Reserve governors Michelle Bowman and Christopher Waller favored an interest-rate cut this week because they have grown more concerned about the labor market, and thought their colleagues were being too cautious about inflation.

Federal Reserve Governors Christopher Waller and Michelle Bowman expressed concerns that the central bank’s hesitance to lower interest rates could risk unnecessary damage to the labor market.

The two Federal Reserve governors who favored an interest rate cut at the U.S. central bank's policy meeting this week said on Friday they did so largely due to rising concerns about the job market, in statements made public just ahead of the release of hiring data that bolstered their position.