According to CoinMeta, UBS noted that the communication assessment chaired by Fed Chairman Jerome Powell may become one of his most influential actions since taking office, and it has had a chain reaction on interest rate market volatility. In a report on Wednesday, the bank's Chief Investment Office stated that the Fed's so-called dot plot previously helped to "anchor" market expectations in the short term. At the same time, the team said that the use of forward guidance over the past two decades has reduced market volatility. Powell announced in June his plan to establish a special working group to review several key areas of Fed operations, with members of the communication group including Peter Fisher, a professor at the University of Washington, and former Bank of England official Mervyn King.