One of the chief reasons the Federal Reserve should cut interest rates now, a top central banker argues, is because the economy has gotten weaker and is likely to stay weak for the rest of the year.

The central bank remains cautious, even as calls for rate cuts grow louder from the White House and other policymakers.

A top Federal Reserve official said late Thursday that the central bank should cut its key interest rate later this month, carving out a different view than that of Chair Jerome Powell, who has been h