Chairman Jerome Powell and his fellow central bankers will want to signal that it’s important to continue the fight to bring down inflation.

One bank implosion and a cooperative jobs report later, and the market has changed its mind.

The central bank official said during a Council on Foreign Relations event in New York that the Fed can dial down on the size of its rate hikes.

Pricing Wednesday morning pointed to a 94.3% probability of a 0.25 percentage point hike at the Federal Reserve’s two-day meeting that concludes Feb. 1.