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.

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.

Some investors had clung to a bit of hope that the Federal Reserve would cut interest rates at its next meeting on July 30. Tuesday's report on inflation brought the chances of that down even further.