Federal Reserve Gov. Christopher J. Waller voiced concerns Monday over recent inflation data, signaling that the central bank must proceed cautiously on interest rate cuts.

Speaking at a conference at Stanford University, Waller struck a slightly hawkish tone, highlighting the U.S. economy's strength while acknowledging worries over recent inflation upticks.

Solid Economic Growth but Disappointing Inflation

Waller emphasized the economy is on "solid footing," with employment near the Federal Open Market Committee's (FOMC) maximum objective. But he added, "The latest inflation data was disappointing."

Despite progress in reducing inflation, recent figures suggest uneven progress toward the Fed...