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.

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.

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