#币圈观察员# On August 24th, according to a report released at the Jackson Hole Symposium, the bond market has become more sensitive to inflation data only after the Fed starts raising interest rates in 2022. This means that the public does not understand the (monetary policy) strategy before the FOMC raises interest rates. "Consistent with the perceived change in policy response, event studies show that after the interest rate hike, the sensitivity of Intrerest Rate to unexpected inflation data significantly increases. The increased perception of inflation response may help transmit monetary policy to the real economy and improve the Fed's inflation-unemployment trade-off," wrote the authors (Michael Bauer, Carolin Pflueger, and Adi Sunderam) of the paper.