According to CoinMeta, after Powell reiterated his determination to reduce inflation, market speculation that Federal Reserve Chairman Jerome Powell might soon raise interest rates sparked doubts among institutional bond investors. Institutions such as ABN Amro Investment Solutions and Brandywine Global Investment Management believe that Powell's remarks are not sufficient to convince them that Fed officials will actually take action. Swap traders believe that the likelihood of the Fed raising interest rates at its policy meeting in mid-September has surpassed the likelihood of not doing so. Although the final decision will largely depend on this week's non-farm payroll data and subsequent inflation figures, the yield on U.S. two-year Treasury bonds, which are sensitive to monetary policy, still recorded the largest increase in over two months. Christophe Boucher, chief investment officer at ABN Amro, said that he is avoiding long-term bonds because such bonds are easily affected by market concerns that the Fed cannot effectively control inflationary pressures.