According to CoinMeta, analyst George Cattrambone stated during remarks by Federal Reserve Chairman Jerome Powell that: "No matter how you call it, this is precisely the forward-looking guidance that the market was expecting at the July Federal Open Market Committee (FOMC) meeting." He pointed out that Powell's speech indicated that the Fed might tighten monetary policy and tried to maintain a balance in his remarks, but it is very likely that the Fed will raise interest rates.