According to CoinMeta, economists Andrew Hollenhorst and Veronica Clark from Citigroup indicate that Federal Reserve Chairman Powell hinted that, in addition to the Personal Consumption Expenditures Price Index (PCEP), other inflation indicators will play a more significant role in monetary policy, which reduces the likelihood of a Fed interest rate hike in the near term. The core PCE inflation rate fell from 3.4% to 3.3% in June. In contrast, the Core Consumer Price Index (CPI) is at 2.6%, which is closer to the Fed's 2% inflation target. Hollenhorst and Clark stated, "In the coming months, it should become increasingly clear to the market that the broader inflation indicators that Powell focuses on do not show signs of worrying inflation acceleration." Currently, the market expects a 59% probability of a Fed interest rate hike in September. However, both economists believe that this market expectation may be incorrect.