I encountered this problem when trying to determine whether the objective function of some problem is convex. I was able to reduce the proof to the above inequality.
I have not been able to find a counter example to the inequality so I suspect it is probably true. However, I am completely stuck on how I would go about proving that this is indeed the case. Any help would be very appreciated.
The converse is true: $$x^{t}y^{1-t} \leq tx+(1-t)y$$ since, as the logarithm is a concave function, $$\log(x^{t}y^{1-t})=t\log x+(1-t)\log y \leq \log\bigl(tx+(1-t)y\bigr).$$ Note: If your inequality were true, it would imply $\sqrt{xy}\ge \dfrac{x+y}2$, which contradicts the AGM inequality.