Cleveland Federal Reserve President Beth Hamack said on Monday that multiple interest rate hikes may be needed to bring inflation down to the Federal Reserve's 2% target, but she did not want to prejudge how many hikes would ultimately be necessary. She emphasized that current interest rate levels are not "meaningfully restrictive" to the economy and does not believe inflation will return to the target level on its own. Hamack was one of three dissenting officials who supported an interest rate hike in the Federal Reserve's decision last month to keep rates unchanged.