Federal Reserve Governor Michael Barr stated Tuesday that he would be willing to back an interest rate increase if inflation fails to come down.

Addressing a banking forum in Washington, the policymaker expressed concern over “broader price pressures taking hold,” noting that inflation has lingered above the Fed’s 2% target for nearly 5½ years.

“If trends in the data give me some confidence that inflation is moderating on a path to 2%, then I think we can take a bit more time to assess our policy stance,” Barr said in prepared remarks. “However, if inflation appears not to be moderating sufficiently, then I think we should act decisively to raise rates.”

The remarks arrive at a pivotal moment for policy amid a wider environment of persistent inflation and climbing Treasury yields. As a governor, Barr holds a permanent voting seat on the rate-setting Federal Open Market Committee.

Amid renewed concerns over the volatile Middle East situation, yields climbed again Tuesday, with the benchmark 10-year note reaching a level not seen since mid-January 2025.

Meanwhile, Fed Chairman Kevin Warsh last week delivered remarks that markets broadly read as leaning toward a rate hike, possibly as early as the next policy meeting in two weeks. Barr backed the July decision to hold the benchmark funds rate at 3.5%-3.75%, but markets Tuesday morning were pricing in roughly a 66% probability of an increase this month, according to the CME Group’s FedWatch.

Barr gave the economy positive marks even with inflation running high.

“Consumer spending to date has been largely resilient,” he said. “But inflation remains too high — and has been for over five years,” he added.

The latest data indicated headline prices up 3.7% over the past year, or 3.3% excluding food and energy. The Fed will receive one additional look at inflation when the consumer and producer price indexes are published next week.

August has delivered strong performance for equities, yet those looking to set aside savings this autumn can still earn attractive returns through certificates of deposit. Depositors are closely monitoring the Federal Reserve ahead of its September 15-16 policy meeting. Futures markets tied to the fed funds rate point to about a 65% probability that the central bank will lift its key lending rate by a quarter percentage point, bringing it to a range of 3.75% to 4%. Speaking in Jackson Hole, Wyoming late last week, Fed Chairman Kevin Warsh expressed his concerns over persistent inflation. He remarked that “while this summer’s [inflation] readings were better than expected, they do not tell me that underlying trends have meaningfully improved.” In fact, the July personal consumption expenditures price index climbed at an annual pace of 3.7%, exceeding the Dow Jones consensus forecast by 0.1 percentage point and remaining well above the central bank’s 2% inflation goal. Although rising rates pose challenges for borrowers, they present opportunities for savers who can take advantage of stronger yields on instruments like certificates of deposit. A number of banks, for instance, continue to price their CDs competitively and offer appealing yields as they vie for customer deposits. Recent move Just last week, Sallie Mae raised the annual percentage yield on its one-year CD by five basis points, bringing it to 4.2%. This adjustment places Sallie Mae’s one-year CD rate roughly 25 basis points above the peer median APY of 3.95%, according to Vincent Caintic, analyst at BTIG. One basis point equals 1/100th of a percent, or 0.01%. Other financial institutions also continue to feature attractive rates on their one-year CDs. Popular Direct offers an APY of 4.25% on its 12-month CD, as of Monday afternoon, while CIBC advertises a 4.15% yield. Savers can also discover appealing rates if they’re open to terms beyond 12 months. 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Market Insider

Stocks making the biggest moves premarket: Nvidia, Robinhood, Novartis & more

Check out the companies making the biggest moves premarket: Chipmakers — The group fell to start the new month of trading as Treasury yields rose to pressure the broader market. The VanEck Semiconductor ETF (SMH) lost more than 1%. Nvidia , AMD and Micron were also down more than 1%. Energy stocks — Shares rose broadly alongside oil prices, as tensions in the Middle East persist. The State Street Energy Select Sector SPDR ETF (XLE) climbed more than 1%. EOG Resources , Diamondback Energy and Targa Resources advanced more than 1% each. Robinhood Markets — The online brokerage gained more than 2% after a Morgan Stanley upgrade to overweight from equal weight. “HOOD’s expanding platform is turning product velocity into stronger customer economics,” analysts at the bank said. Novartis — Shares gained 4% on positive trial data for the company’s multiple sclerosis drug. Novartis said remibrutinib “significantly” reduced relapse rates in MS patients relative to another treatments. Duolingo — The language education app rose 6% following an upgrade by Evercore ISI to outperform from in line. Evercore analysts cited strong survey data for the company.

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