On the eve of Powell's speech, traders continue to lower their rate cut bets.

On August 22, forex Options indicated that bullish sentiment for the US dollar rose to a three-week high, suggesting that traders are betting that Fed Chair Powell will not take an overly dovish stance on interest rate cuts. Traders have been adjusting their rate cut bets downward recently: the market currently expects the Fed to cut rates by a total of 47 basis points before the end of the year, down from an expectation of 63 basis points just over a week ago. "The door to a 25 basis point rate cut in September will open," said Sonja Marten, head of forex and monetary policy research at DZ Bank AG, in an interview with Bloomberg TV, "but I don’t think he will take a more aggressive stance than that." (Jin10)