Santander raises Fed rate hike forecast, sees 25bp in December and March

The revision matters less for its headline call than for the reasoning: a higher neutral-rate estimate and broadening price pressures imply the policy path may not be as short as markets assumed. That has direct bearing on rate-sensitive assets, including crypto and tokenized RWAs, which have leaned on the expectation of a peaking cycle. The open question is whether other forecasters converge on Stanley's view or treat it as an outlier, and whether Fed commentary continues to emphasize input-cost pass-through.