One rate hike won't cut it. That's Cleveland Fed president Beth Hammack's message to Yahoo Finance, and she's been saying it since she dissented at July's meeting, when she pushed for a quarter point hike right then and there. She still doesn't think 3.5-3.75% is actually restraining the economy, since businesses aren't telling her they're pulling back investment over borrowing costs. To her, that means there's room to tighten more. She's also not rattled by July's surprise loss of 23,000 jobs. The 12-month average is still a modest 20-25k gain, and 4.1% unemployment lines up with her idea of full employment. Core inflation at 3.3% isn't coming down on its own, in her view, and every meeting the Fed waits makes fixing it harder. Wednesday's CPI print is the next test.(Lark Davis)