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.

In a speech at a bankers’ conference in Colorado Springs, Colo., on Saturday, Bowman said a bleak jobs report last week reinforced the concerns that led her to dissent against the central bank’s decision to hold rates steady in July rather than cut.