Cleveland Federal Reserve President Beth Hammack said Monday that tighter monetary policy might be needed to bring inflation down to 2%. Hammack favors relatively quick, smaller policy adjustments when feasible rather than waiting and risking a larger correction. Hammack warned that persistently elevated inflation increases the risk of an inflationary mindset becoming entrenched in the economy. The Fed last month raised interest rates for the first time in three years. CME's FedWatch tool showed traders pricing in a nearly 88% chance of a rate increase at the Fed's final meeting of the year in December.