RBC Capital Markets Delays Fed Rate-Hike Cycle Timeline, Expects Two Hikes by March

This is a rates-path revision, not a policy shift, but it matters for anyone pricing risk through year-end: the delay implies a slower, more staggered tightening trajectory than markets had been positioned for, even as RBC flags terminal-rate pricing as too rich. Crypto and RWA markets, which have traded as long-duration risk assets against the Fed's expected path, are the clearest transmission channel. The open question is whether other sell-side desks converge on a similar deferral, which would matter more than any single house call.