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, while noting their expectations that any tariff-related price increases will not lead to lasting inflation pressures.

The Federal Reserve’s decision to hold interest rates steady following the end of a two-day policy meeting on Wednesday generated the largest number of dissenting votes by governors at the central bank in just over three decades.