According to CoinMeta, Fabian Vogel, a strategist at BNP Paribas, stated that although markets expect the Federal Reserve (Fed) to raise interest rates twice more, a rate hike in September is unlikely to mark the beginning of a new round of tightening similar to that from 2022 to 2023. Instead, it may signify the start of "preventive rate hikes" aimed at bringing inflation back to target levels by reversing the three rate cuts made last year. He pointed out that further rate hikes will not resolve external shocks such as war and energy price inflation, but they could alleviate financial market concerns about the Fed's ability to combat inflation. The Fed cannot continue to ignore recurring shocks that do not subside as expected. However, by slowing down economic activity in other areas to curb inflationary pressures, further rate hikes may also carry the risk of pushing the economy into stagflation.