Michelle Bowman said such a big initial rate cut could complicate the Fed's mission of getting inflation back to its 2% target.

Having all but tamed inflation, the Federal Reserve is poised to do something Wednesday it hasn’t done in more than four years: Cut its benchmark interest rate, a step that should lead to lower borrowing costs for consumers and businesses.

The only Federal Reserve official to dissent from the central bank’s aggressive half-point interest-rate cut earlier this week said she thought it would send the wrong message to markets that inflation was dead.