The Federal Reserve has not approved an interest rate cut since before the Nov. 5 election, but one of its governors said she wants three rate cuts this year. Federal Reserve Gov. Michelle "Miki" Bowman dissented from the Federal Open Market Committee's decision last week to maintain the current Fed rate of between 4.

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.

A weak July jobs report could prompt the Federal Reserve to make its first interest rate cut of the year, as more officials raise concerns about a weakening economy.