According to CoinMeta, the annual inflation rate in the United States has been above the Federal Reserve's target of 2% for 65 consecutive months, leaving Powell faced with policy decisions. Data released by the U.S. government on Wednesday showed that the annual inflation rate remained unchanged in July, with the core PCE price index rising 3.3% year-on-year and the month-on-month increase rising from 0.1% in June to 0.2%. The overall inflation data exceeded expectations, slightly boosting market expectations that the Federal Reserve may raise interest rates as soon as next month.