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.

J.P.Morgan now expects the U.S. Federal Reserve to cut interest rates by 25 basis points at its September meeting, citing signs of weakness in the labor market and uncertainty around President Donald Trump's latest Fed nomination.

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.