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Federal Reserve Chairman Waller stated that he would not disclose details of the Federal Open Market Committee's future interest rate decisions and emphasized that he is not responsible for providing forward guidance.Waller mentioned that today's rate hike decision was made after careful consideration, not driven by the market, but based on an assessment of the current situation, employment trends, and economic strength.

Federal Reserve Chairman Waller stated that potential economic growth is higher, but the issue lies with inflation.

Federal Reserve Chairman Waller stated that the summer data did not indicate to him that the inflation situation has improved.

Federal Reserve Chairman Waller stated that the employment aspect of the Federal Reserve's responsibilities is currently in good shape.

Federal Reserve Chairman Waller stated that this committee will achieve the goal of price stability.

Federal Reserve Chairman Waller stated that the view that financial conditions are not restrictive is widely accepted within the FOMC.

In the preview of the press conference with Waller, the market is focused on whether he can clearly explain the policy decisions and avoid the communication mishap from July. Analysts at French Foreign Trade Bank expect Waller to explain the interest rate hike as a necessary measure to control inflation.If the Federal Reserve raises interest rates as scheduled, the market will pay attention to Waller's views on inflationary pressures. Reuters points out that Waller needs to respond to Trump's demands for interest rate cuts in a sensitive political environment and emphasize the independence of the Federal Reserve.

StoneX market analyst Fawad Razaqzada stated that Waller's speech on Friday night was considered quite hawkish. Waller mentioned in his forward guidance what the market expected him to say, namely that he does not believe in forward guidance, thus refusing to pre-commit to a rate hike in September. However, this did not stop the market from speculating that a rate hike might indeed be back on the table. Regarding inflation, Waller stated that anti-inflation remains a clear priority and elaborated on this in some detail, but he also added that he is confident that core inflation is moving towards the Federal Reserve's target.Overall, his speech was more hawkish than the market had anticipated. During Waller's speech at Jackson Hole, the market significantly repriced the September Federal Reserve decision, with the probability of a 25 basis point rate hike jumping from 30% to about 50%. Before the September Federal Reserve meeting, there will also be a non-farm payroll report and a CPI inflation report, along with some minor data releases. Under the new chair's leadership, the Federal Reserve has become more data-dependent. Given that the recent U.S. employment reports have consistently fallen short of expectations, and by a significant margin, any further signs of weakness could severely undermine market expectations for a rate hike in September.

According to on-chain analyst Yu Jin's monitoring, "Hyperliquid's largest long position" took advantage of the spike to increase its long position by 1,000 BTC (approximately 79 million USD). Today, it also increased its long position by 28,000 ETH, with an average opening price of 78,780 USD for BTC and an average opening price of 2,490 USD for ETH.

U.S. short-term Treasury yields rose. Federal Reserve Chairman Waller emphasized in a highly anticipated speech that the Fed needs to curb rising consumer prices, alleviating some market concerns about its ability to combat inflation.During Waller's speech, short-term U.S. Treasuries were sold off, while long-term Treasuries rose. The yield on the two-year Treasury increased by 5 basis points to 4.28%, while the 30-year yield decreased by 1 basis point to 5.19%. These changes indicate that the market expects the Fed may need to raise short-term rates. Since Waller held his first press conference in June, bond traders have had doubts about his policy stance. At that time, Waller emphasized the need to lower inflation and showed a hawkish stance.Since the global economy reopened from the pandemic in 2021, U.S. inflation has remained above the Fed's 2% target. However, in July, the Fed again kept rates unchanged, and Waller did not indicate whether a rate hike might occur this year. Subsequently, long-term Treasury yields surged as traders demanded higher returns to compensate for the risks posed by rising inflation.Waller warned on Friday that inflation has not shown meaningful signs of slowing and stated that policymakers must be confident that inflation is improving; otherwise, the central bank "has work to do." He also reiterated that policymakers will bring the inflation rate back to the 2% target and emphasized that this goal is clear and fixed.

According to Gate market data, since Federal Reserve Chairman Waller's speech, spot gold and silver have significantly retreated in the short term. Gold rebounded slightly after falling about 100 dollars from its high, reaching a low of 4530 dollars/ounce and currently reported at 4560 dollars/ounce; silver plummeted over 1 dollar during the day, hitting a low of 68.1 dollars/ounce and currently reported at 69.0 dollars/ounce.

Federal Reserve Chairman Waller stated on Friday that if policymakers cannot be confident that inflation is "declining at a clear and sufficiently rapid pace" back to 2%, the Fed "has work to do." This suggests that if price pressures do not improve, the Fed may raise interest rates next.Waller made it clear that he still adheres to the Fed's long-standing policy path of managing inflation through interest rate adjustments. This significantly increases the likelihood of the Fed's next step being a rate hike, which could create a divergence between him and President Trump, who has long sought rate cuts. This statement essentially eliminated the ambiguity that had been left previously. At the press conference at the end of July, Waller declined to respond extensively to whether a rate hike was needed to address the inflation issue, which has significantly risen this year and has been above the Fed's target for more than five consecutive years.

Federal Reserve Chairman Waller stated, "Although the PCE and CPI data released this summer were better than expected, they did not convince me that there has been a meaningful improvement in the underlying trend of inflation." "Market prices reflect that the market believes we will achieve price stability. I can assure you that the market's judgment is correct."Waller then stated that with inflation rates above 2%, the Federal Reserve's "current top priority should be prices." This highly anticipated speech by Waller comes at a time when there is criticism of its streamlined communication strategy. Economists and market participants believe that this strategy lacks clear articulation regarding the recent economic and monetary policy outlook.Waller's speech seems to address these concerns, as he elaborated more deeply than before on his views regarding the economic situation and the focus of Federal Reserve policy under his leadership. He said, "Let us also clarify another aspect of our goals: price stability will not be achieved automatically, and inflation will not necessarily return on its own. Achieving price stability is the responsibility of the Federal Reserve." It is expected that Waller will not answer questions posed by on-site central bank officials and economists.

Federal Reserve Chairman Waller warned that inflation has not shown meaningful signs of slowing down and stated that policymakers must be confident that inflation is moving in the right direction; otherwise, the central bank "has work to do." Waller reiterated that the Federal Reserve will bring the inflation rate back to the 2% target. He stated that this is a clear and fixed goal.Waller said, "My standard is that we must be confident that underlying inflation is moving toward our target, and the pace must be clear enough and fast enough. Otherwise, we have work to do. That is our responsibility."Waller also stated that current financial conditions are not restrictive, and interest rates are the "primary tool" for the Federal Reserve to fulfill its responsibilities.

U.S. short-term interest rate futures fell, with market pricing indicating an increase in bets on a Federal Reserve rate hike following remarks by Fed Chair Waller.

According to CoinDesk, Bitcoin is currently stable around $80,000, with traders focusing on Federal Reserve Chairman Kevin Walsh's keynote speech at the Jackson Hole annual meeting. The annual seminar hosted by the Kansas City Fed opened on Wednesday, and Walsh will speak on Friday morning. Current inflation remains well above the Fed's 2% target, and long-term borrowing costs are near multi-year highs, with the Fed maintaining the benchmark interest rate range at 3.5%-3.75% in recent months.Mark Connors, Chief Investment Officer of Risk Dimensions, expects Walsh to keep the option of raising interest rates but not to raise rates before the midterm elections. The July PCE inflation rate reached 3.7%, partly driven by rising energy prices following the Iran war. Samir Kerbage, Chief Investment Officer of Hashdex, stated that Bitcoin does not directly respond to the September interest rate decision but follows global liquidity and long-end yield curve trends, similar to the drivers of gold. Last week, the U.S. Treasury announced an increase in long-term Treasury bond purchases after the 30-year Treasury yield hit a 19-year high, which pushed Bitcoin higher; Kerbage described this surge as "primarily a liquidity event."This year's Jackson Hole meeting focuses on financial innovation, payments, and policy, with stablecoins, tokenized deposits, and faster settlement systems becoming the discussion highlights. Kerbage believes that if Walsh views these technologies as part of the financial system rather than risks to be curtailed, the impact could extend beyond Bitcoin, with smart contract networks and protocols handling tokenized payments and settlements benefiting more directly from this shift.