NEW YORK (Reuters) -Cleveland Federal Reserve President Beth Hammack said on Thursday ongoing high levels of inflation argue against the U.S. central bank cutting interest rates again.

"I remain concerned about high inflation and believe policy should be leaning against it," Hammack said in the text of a speech to be delivered to an Economic Club of New York event. "After last week's meeting, I see monetary policy as barely restrictive, if at all, and it's not obvious to me that monetary policy should do more at this time."

Hammack said the Fed continues to face inflation pressures that are above its target and that monetary policy is currently at a setting barely restrictive of economic momentum, which means it is not doing a lot to help push down price pressures that exceed the central bank's 2% target.

She opposed the Fed's decision last week to cut its benchmark interest rate by a quarter of a percentage point to the 3.75%-4.00% range. The central bank still views inflation as too high, but many of its policymakers have become increasingly concerned about nascent signs of weakness in the job market, and hope to buoy that part of the economy by making the cost of short-term credit cheaper.

Markets have been mulling the prospect of another rate cut at the central bank's December 9-10 meeting, although Fed Chair Jerome Powell told reporters last week in a press conference that such a move was not guaranteed.

"Monetary policy should be mildly restrictive to return to our 2% inflation objective in a timely fashion while limiting the misses from maximum employment," Hammack said. She added that inflation should stand at 3% by the end of this year and then remain elevated through 2026 before slowly retreating back to desired levels.

Hammack acknowledged issues with the labor market while cautioning that the unemployment rate still remains low.

"Based on the slowing labor market, I expect the unemployment rate will tick up in coming months, ending this year just above its longer-run value," she said. "I do not currently put high odds on a labor market downturn. But subdued job growth may indicate more fragility in the labor market."

Hammack also said financial markets are helping support the economy. "Financial conditions are quite accommodative, reflecting recent gains in equity prices and easy credit conditions," she said, adding that those conditions should help lift growth next year.