According to CoinMeta and a report by Wall Street Journal, Federal Reserve Chairman Jerome Powell stated that the mixed pressures of supply and demand facing inflation have a greater impact on the pace of inflation than on its ultimate level. If inflation is mainly driven by demand, then interest rate responses would need to be more aggressive and earlier. Inflation data from earlier this year seemed to indicate that supply shocks were weakening, and now some of the pressure is coming from the demand side. Given the mixed nature of inflationary pressures, the Federal Reserve is currently in a "action scenario." Concerns expressed by regional contacts sound like traditional signs of overheating demand. At present, there are no plans to reverse last year's interest rate cuts by raising rates.