Fed governor Chris Waller to CNBC's Steve Liesman: I was ready to dissent for a rate cut after the February jobs report came out. But the inflation picture is looking worse and has become more of a concern because the Strait of Hormuz is still closed, two weeks later. Moreover, there are reasons to think the breakeven payroll number could be very low. "My brain understands the math but I can't get through my gut that this is OK."(Nick Timiraos)