The Federal Reserve’s policy rate futures have slightly increased the likelihood of tightening at the November and December policy meetings, following Chair Jerome Powell’s speech.

The Fed is expected to maintain rates during the Sept. 19-20 meeting.

Powell said the central bank will proceed cautiously as it decides whether to tighten further, but has not yet determined its benchmark interest rate is high enough to guarantee 2% inflation.

Over the past two weeks, Fed policy rate futures have changed significantly, with a recent Treasury yield rise potentially helping the Fed undermine demand and decelerate the economy.