Cleveland Federal Reserve President Beth Hammack on Thursday gave indications that she thinks the central bank could be nearing the end of what could be a brief rate-cutting cycle.

The policymaker told CNBC that she thinks the current level of interest rates is "barely restrictive, if at all" when it comes to the economic impact.

Restrictiveness is a key metric for Fed officials, who are divided ideologically over whether labor market weakness or inflation is a bigger threat. Hammack has been more in the hawkish camp when it comes to inflation, preferring higher rates and more restrictive policy as a bulwark against another surge in prices.

"I think that we need to maintain a modestly, somewhat restrictive stance of policy to make sure that we are continuing to bring inflation back down

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