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Barr said inflation has remained above the Fed's 2% target for more than five years, with the next policy meeting two weeks away
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Federal Reserve Governor Michael Barr said Tuesday that a failure to bring inflation down would earn his vote for higher interest rates, the latest in a string of Fed officials to leave the door open to tightening.
"If inflation appears not to be moderating sufficiently, then I think we should act decisively to raise rates," Barr said in prepared remarks at the Second Chance Lending Forum in Washington. He added that if incoming data showed inflation moving toward the Fed's 2% target, policymakers could afford to take more time before adjusting their stance.
