🇺🇸Federal Reserve Governor Michael Barr called inflation too high and supported raising rates if inflation fails to moderate.

Federal Reserve Governor Michael Barr said U.S. inflation remained too high. He said the persistence of inflation above the Federal Reserve’s target created risks.

Barr favored holding rates steady if policymakers were confident that inflation was moderating. He also said that if inflation did not moderate soon, it would be time to raise interest rates and that he was prepared to support such an increase.

Barr described the labor market as stable with low unemployment and said the economy was growing solidly, supported by artificial-intelligence investment. The Federal Reserve was scheduled to hold its next policy meeting in mid-September.