Cleveland Fed President Beth Hammack said that one quarter-point rate in interest rates move probably won't do a whole lot for the economy when returning inflation to the Fed's 2% target.

Hammack dissented in favor of raising rates at July's Fed meeting--noting she did not see the current policy stance as appropriately restrictive.

"I don't know exactly where we'll end...in general one 25-basis point move probably doesn't do a whole lot for the economy," Hammack said Monday in an interview with Yahoo Finance. "It's probably...some number of movement, but I don't want to prejudge what that number is going to be."

Hammack is a voter this year on the Federal Open Market Committee.

"I think that now is the time for us to start acting," she said.