According to CoinMeta, on August 13th, market pricing indicated that bets on the Federal Reserve maintaining interest rates unchanged in September increased. The probability of the Fed keeping interest rates in the 3.50%-3.75% range in September was around 65%, which is higher than the approximately 60% before the release of the PPI report. The significant rise in market bets on the Fed maintaining interest rates unchanged in September reflects investors' re-evaluation of the current monetary policy path. This change in pricing directly weakened expectations of a rate cut in the short term and strengthened the consensus that a high-interest-rate environment will continue. Market sentiment is moving closer to a tightening stance, and capital flows indicate a defensive positioning towards maintaining the status quo of policies. This pricing logic clearly suggests that the Fed will continue to maintain a prudent interest rate policy to address inflationary pressures.