According to CoinMeta, as reported by Wall Street Journal reporter Nick Timiraos, the market will be closely watching the month-over-month changes in July's inflation data to be released on Wednesday. This is because an increasing number of FOMC members believe that the inflation figures for the coming months will determine whether their prediction that "inflation will fall back to 2% over the next two years" can still be achieved without further interest rate hikes. The new chairman of the Federal Reserve, Jerome Powell, is not in favor of the framework that links such policy-sensitive predictions to high-frequency data. He stated that he does not see much practical value in the Fed's current "data-dependent" policy. Additionally, Nick mentioned that one of the purposes of the working group established by Powell seems to be to help build a new framework to replace the old one. However, it appears that the old framework is still in use until the new one is clarified.