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.

The Federal Reserve should move to cut interest rates, governor Michelle Bowman said Saturday, citing dramatic negative revisions to the monthly jobs report released at the beginning of August.

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.