According to CoinMeta, analyst Fawad Razaqzada stated that Powell's speech on Friday night was considered quite hawkish, reigniting market speculation about a rate hike in September. He expressed skepticism regarding forward guidance and therefore refused to precommit to a rate hike in September. Powell emphasized that fighting inflation remains a clear priority and expressed confidence that core inflation is moving towards the Federal Reserve's target. The market has significantly re-priced its expectations for the Fed's decision in September, with the probability of a 25-basis-point rate hike jumping from 30% to around 50%. Before the Fed's meeting in September, there will also be the Non-Farm Payrolls report and the CPI inflation report, along with some other minor data releases during that period.