(Bloomberg) -- Federal Reserve Governor Christopher Waller said he’s advocating an interest-rate cut in December, though the US central bank can probably take more of a meeting-by-meeting approach starting in January once it receives a flood of economic data.

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“My concern is mainly labor market, in terms of our dual mandate. So I’m advocating for a rate cut at the next meeting,” Waller said Monday on the Fox Business Network. “You may see a more of a meeting-by-meeting approach once you get to January.”

Investors put the chances of a rate cut at the Fed’s upcoming Dec. 9-10 policy meeting at about 70%, according to futures contracts. Fed officials appear deeply divided over whether another reduction will be appropriate following cuts in September and October.

Waller said the latest data suggest the labor market remains weak, though he added a flood of delayed economic reports to be released after the December gathering could make the January decision “a little trickier.”

Employment statistics for October and November are set to be released on Dec. 16, and November data on consumer prices are due Dec. 18.

“If it suddenly shows a rebound in inflation or jobs, or the economy’s taking off, then it might give concern,” he said. “I still don’t think the labor market is going to turn around in the next six weeks to eight weeks.”

Waller is currently under consideration by the Trump administration as a candidate to succeed Jerome Powell as Fed chair next year. He said he had a “great meeting” with Treasury Secretary Scott Bessent, who is leading the interview process, about 10 days ago.

“He and I seem to hit it off very well, talking about economics, the economy, financial markets,” Waller said. “They’ve never been political. They’re straight about economics, and that’s just been a great time, for me to sit and talk with him.”

--With assistance from Kate Davidson.

(Updates with additional Waller comments throughout.)

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