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.

JPMorgan Chase & Co.’s top U.S. economist now expects the Federal Reserve will cut interest rates three times in 2025, beginning with a 25-basis-point cut in September.

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.