Cleveland Federal Reserve President Beth Hammack stated on Monday that she anticipates multiple interest rate hikes will be required to rein in what she describes as broadening inflation. Hammack, who dissented at the Fed's July policy meeting in favor of a quarter-point rate increase, believes current rates (3.5%-3.75%) are not meaningfully restricting the economy and that now is the time to act. She noted the Fed's preferred inflation gauge, core Personal Consumption Expenditures (PCE) Index, stood at 3.3% in June.