Hawkish remarks from the Federal Open Market Committee’s late July meeting have derailed the crypto market’s modest rally.

“A majority of participants judged the upside risk to inflation as greater than employment risk,” read the Fed minutes regarding the committee’s discussion about prices versus employment. “Participants pointed to the uncertain effects of tariffs and the possibility of inflation expectations becoming unanchored.”

Crypto prices started to decline immediately following the release of these minutes, with Bitcoin dropping from a 0.7% advance to slightly above a neutral point at $113,300. Ether, which had previously seen a 4.5% increase, also fell to a 2.3% gain, reaching $4,270.

As cryptocurrency traders look ahead, the upcoming key event is Fed Chair Jerome Powell’s speech at the Kansas City Fed’s Economic Symposium in Jackson Hole, where he may hint at future policy adjustments.