According to CoinMeta, after the speech by Federal Reserve Chairman Kevin Warsh, Morgan suddenly adjusted its forecasts for Fed interest rate prospects, anticipating a 25-basis-point hike in December rather than in the second half of 2027. On his second day as Federal Reserve chairman, Warsh failed to clarify whether the Personal Consumption Expenditures (PCE) price index would continue to be used as a key indicator, raising concerns among markets about the Fed's inflation strategy. J.P. Chief Economist Michael Feroli stated that market expectations for a hike have dropped from 81% to 65.2%. Meanwhile, the latest data shows that the PCE price index fell 0.1% month-on-month in June and 3.7% year-on-year.