Federal Reserve Vice Chair for Supervision Michelle Bowman said weak U.S. labour-market readings strengthen her view that the central bank should lower interest rates three times before the end of 2025. Speaking 9 Aug. at a Kansas Bankers Association event, Bowman argued that an initial cut at the September Federal Open Market Committee meeting, followed by two more by December, would total about 75 basis points of easing. Bowman pointed to the July employment report, which showed the unemployment rate rising to 4.2% and average monthly payroll gains slowing to 35,000 after sharp downward revisions to prior months. She warned that delaying action risks a deeper erosion in hiring and broader economic activity. The governor, one of two dissenters against the FOMC’s decision last month to keep the policy rate at 4.25%–4.50%, said recent data suggest upside risks to inflation are receding. Excluding tariff-related goods prices, she estimates core personal-consumption-expenditures inflation is already close to the Fed’s 2% goal, giving policymakers room to shift from a ‘moderately restrictive’ stance toward neutrality over the next three meetings.