On July 28, Citadel Securities predicted that the Federal Reserve will raise interest rates this week—an unexpected move that will bolster Chairman Kevin Waller's credibility in the fight against inflation. Frank Fletch, the firm's head of macro strategy, wrote in a report that a 25 basis point hike on Wednesday will reinforce Waller's repeated commitment to restoring price stability while indicating that policymakers are no longer relying on forward guidance for every policy action. 'The market may once again underestimate the extent of the Fed's hawkish shift.' A rate hike this week will 'decisively end the era of forward guidance' and highlight the independence of the Federal Reserve.