[Institutions: Market Expected to Digest Restrictive U.S. Monetary Policy] According to a report by Golden Finance on June 30, Stephen Coltman, Head of Macro at 21Shares, stated that the market is digesting a more restrictive U.S. monetary policy. He noted that the market has shifted from reflecting rate cut expectations at the beginning of the year to now anticipating rate hikes in the coming months. Coltman said that Federal Reserve Chair Kevin Warsh's first Federal Open Market Committee (FOMC) meeting leaned more hawkish than expected. Meanwhile, as oil prices have fallen back to pre-war levels, inflation expectations have been significantly declining. He remarked, 'The combination of these two factors has led to a surge in real yields at the front end of the U.S. yield curve, effectively signaling an aggressive tightening of U.S. monetary policy.'