BlockBeats News, August 28th - According to Bloomberg, prior to Fed Chair Powell's speech at the Jackson Hole Symposium, several Fed officials sent different signals on the inflation and interest rate outlook, with the key point of contention being whether the current rates have exerted sufficient restraint on the economy.

Kansas City Fed President Jeff Schmid believes that short-term rates may still be accommodative, indicating that the Fed still has work to do. Cleveland Fed President Beth Hammack similarly stated that the current rates are not restrictive enough on the economy, and further policy tightening would be needed to bring inflation down to 2% in a reasonable timeframe.

Boston Fed President Susan Collins, on the other hand, views the current rates as having a "modestly restrictive" effect. Chicago Fed President Austan Goolsbee said that he could continue to wait for more inflation data, but expressed concern that if services sector inflation remains high or rises again, he would be worried.

In the U.S., the July PCE Price Index rose by 3.7% year-on-year. Rate futures indicate that the market expects a 36% probability of a Fed rate hike in September. In July, the Fed kept the federal funds rate at 3.5% to 3.75%, with three officials supporting a rate hike. Powell is scheduled to deliver his speech at 10:00 PM Beijing time on August 28th.