Fed Minutes: Many See Need for Higher Rates if Inflation Persists

The minutes suggest the Fed's easing bias is conditional, not committed, which matters for any asset priced off the rate path — including crypto and tokenized real-world assets that have leaned on a looser-policy narrative. The signal is less about the next move than about the reaction function: persistent inflation, not growth weakness, is the trigger for staying restrictive. Whether inflation data actually cooperates is the open question, and it is the variable most likely to reset risk appetite across the sector.