Barclays now expects Fed rate hikes in December and January

The revision matters less for the two hikes themselves than for what it signals about how forecasters are reading the Fed's reaction function: a single move is being repriced as a short sequence, implying the tightening cycle is seen as extending rather than ending. That shifts the discount-rate backdrop for every duration-sensitive asset, crypto and tokenized real-world assets included, since both trade heavily off the rate path. The open question is whether other sell-side desks follow Barclays in adding a second hike, or treat it as an outlier call.