The Federal Reserve cut its key interest rates half a percentage point Wednesday, a strong move that reverses two years of rate increases and giving consumers new hope that borrowing costs will come down. Its target rate was 5.25% to 5.5%. It will now be in the range of 4.75% to 5%.

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

With inflation cooling and worries about the job market spreading, the central bank is expected to announce a long-awaited rate cut next week.