According to CoinMeta, Federal Reserve Chairman Jerome Powell emphasized in a speech that attracted significant market attention the need to curb rising consumer prices in order to alleviate concerns about the Fed's ability to combat inflation. During the speech, short-term U.S. Treasurys were sold off, while long-term Treasurys saw increases. The yield on two-year Treasurys rose by 5 basis points to 4.28%, and the yield on 30-year Treasurys fell by 1 basis point to 5.19%. These two developments indicate that the market expects the Fed may need to raise short-term interest rates. Powell warned that inflation has not shown any meaningful slowdown and reiterated that policymakers will work to bring the inflation rate back down to the 2% target.