According to CoinMeta, as the US dollar strengthens, market expectations for a Federal Reserve (Fed) interest rate hike have risen. Kevin Walsh ( Kevin Warsh ) emphasized in his speech that the economy is overheating and potential inflation remains high. Although he did not explicitly state that the Fed would raise rates soon, he asserted that the Fed would achieve its inflation targets. Market pricing for a rate hike in September has increased from 33% to 57%. This has led to a general strengthening of the US dollar, with the euro falling rapidly against the dollar to 1.1605. As the US dollar strengthened, gold prices dropped by $33, after having briefly risen due to Walsh's speech.