Sentiment is clearly running high after a faster-than-expected slowdown in US inflation data last week. But Fed officials seem reluctant to join the spree.

From the statements made by Fed officials in the past few days, there are actually clues.The overall wording is still generally more hawkish--While acknowledging that recent CPI data are encouraging, a number of Fed officials stressed the need to continue to raise interest rates.

But what has attracted more market attention recently may also be the statement made by San Francisco Fed Chairman Daley. Because Daley is currently a relatively small number of doves within the Fed.

But overnight, Daley made a "hawk":The Fed's benchmark interest rate may have to rise above 5 per cent to start putting downward pressure on inflation, and keeping the Fed's benchmark interest rate between 4.75 per cent and 5.25 per cent is a "reasonable target" to consider.

Tonight, Atlanta Fed Chairman Bostick, 2022 FOMC vote Committee, St. Louis Fed Chairman Brad, Federal Reserve Governor Bowman and other Fed officials will also make speeches, investors need to pay close attention to their speech position.