Barclays Now Expects Fed Rate Hikes in December and January

The revision matters less for the two hikes themselves than for what it signals: a sell-side house abandoning the assumption that the easing cycle resumes on schedule. For crypto and tokenized-RWA markets, which have traded largely on rate-path expectations rather than fundamentals, that removes a tailwind many positioning decisions implicitly relied on. The open question is whether other forecasters follow Barclays in pushing tightening into the new year, or treat it as an outlier.