The Globe and Mail reports in its Friday, Aug. 14, edition that Cleveland Federal Reserve Bank president Beth Hammack said Thursday the central bank should raise rates now to reduce high inflation, and curb business growth and investment. A Reuters dispatch to The Globe reports that Ms. Hammack said, "[Businesses] see the growth opportunities, which is great; I want them to continue to see growth opportunities, but if we have too much of that growth it could mean that, that's putting additional pressure on price increases and that puts more of that inflationary pressure out there. We need to make sure that we've got some amount of restraint coming from policy so that we can get inflation from this above-3-per-cent number back down to that 2-per-cent objective." Ms. Hammack was one of three Fed officials who dissented at the Fed's meeting last month against the majority who decided to keep short-term borrowing costs in their 3.50- to 3.75-per-cent range. On Thursday she said that while the inflation data has improved over the past two months, that's not enough to convince her the tide has turned, particularly when it has been more than five years since the Fed has hit its 2-per-cent inflation target.