The Federal Reserve's Michelle Bowman on Saturday said the weaker than expected July nonfarm payrolls report this month reinforced her view that the central bank should cut interest rates three times this year.

A top official at the Federal Reserve is saying that this month's stunning, weaker-than-expected report on the U.S. job market is strengthening her belief that interest rates should be lower.

The Federal Reserve's vice chair of supervision, Michelle Bowman, on Saturday said recent weak job data underscores her concerns about labor market fragility and strengthens her confidence in her own forecast that three interest-rate cuts will likely be appropriate this year.