Cleveland Fed President Beth Hammack said the Federal Reserve may need to raise rates more than once to return inflation to its 2% target, arguing that the current 3.50%-3.75% federal funds target range is not clearly restrictive and that a single 25-basis-point increase would have limited effect on the economy. She said businesses have not reduced growth investment because of higher rates, warned that waiting longer would make inflation harder to bring back to target, and said July employment data did not change her focus on price pressures. Hammack opposed holding rates steady at the Fed's July meeting and favored a 25-basis-point hike, while also arguing that market pricing can support but cannot substitute for Fed action.