Federal Reserve Chair Kevin Warsh is facing pressure as policymakers debate whether to maintain the federal funds target range at 3.50%–3.75% or tighten monetary policy further. The effective federal funds rate is 3.63%, while market pricing suggests a reduced likelihood of rate cuts at upcoming meetings. U.S. Treasury yields were broadly unchanged early Tuesday as investors awaited July’s personal consumption expenditures (PCE) reading, the Federal Reserve’s preferred inflation gauge, and a second-quarter GDP estimate, both due Wednesday at 8:30 a.m. ET. The 10-year yield was 4.647%, the 30-year yield was 5.181% and the two-year yield was 4.199%. Earlier levels cited by the Motley Fool put the 10-year yield at approximately 4.70% and the 30-year yield at 5.23%, the highest level for the 30-year yield since 2007. Investors are also monitoring employment data, oil prices, Middle East developments, the Jackson Hole Economic Policy Symposium and statements from Warsh and other Fed governors for signs of whether policy will tighten, remain unchanged or eventually ease. Brent crude fell 2.8% to $86.08 a barrel and West Texas Intermediate declined 3% to $79.93 amid reports that Iran and Oman were nearing an agreement to secure safe passage through the Strait of Hormuz.