CITIC Securities released a research report saying that Walsh's current Jackson Hole speech focused on defending the Federal Reserve's obligation and determination to fight inflation, and was more hawkish than his remarks at the July FOMC meeting. Market expectations for the September rate hike have increased significantly, but based on the bank's forecast of US inflation and economic growth trends, the bank maintains the benchmark judgment that the Federal Reserve remains on hold in September. Future inflation and employment data are critical. Expectations of short-term market interest rate hikes are picking up the US dollar, which is bad for gold, but the decline in real interest rates in the medium to long term still supports the upward elasticity of gold prices.

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