According to CoinMeta, former Federal Reserve Vice Chairman Alan Cohen stated that remarks by Federal Reserve Chairman Kevin Warsh have changed the Fed's policy logic. The default option now is to raise interest rates, unless data indicates otherwise. The final decision will depend on the August CPI data to be released on September 11. Cohen pointed out that this statement directly anchors monetary policy focus on the upcoming inflation data, making the performance of CPI the core variable determining the interest rate path. The market's re-pricing of interest rate hike expectations depends entirely on the actual trend of inflation data, which makes subsequent CPI reports a key indicator affecting the Fed's decisions. The current policy logic has shifted from a focus on cutting interest rates to a strict defense against inflation stickiness, and any sign of inflation rebound will directly trigger the implementation of tightening policies. This stance has significantly increased the market's risk premium for maintaining high interest rates, completely ending the illusion of loose policies in the short term.