A top official at the Federal Reserve said Saturday 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. Michelle Bowman was one of two Fed officials who voted a week and a half ago in favor of cutting interest rates.

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.

Federal Reserve Vice Chair for Supervision Michelle Bowman said on Saturday that the latest soft jobs report adds to her worries about the health of the labor market and supports her long-held view that three interest-rate cuts will likely be needed this year.