Fed Dot Plot Signals One More Rate Hike by 2026, Lifting Rate Path

The signal here is less about a single hike than about the whole path shifting up, including the longer-run rate — that is the anchor markets use for discounting every duration-sensitive asset, from tokenized Treasuries to crypto. A higher-for-longer terminal rate keeps the risk-free yield that competes with on-chain yield products elevated. The open question is whether this dot plot survives contact with incoming data, since projections are not commitments, and whether the longer-run revision proves durable or a one-meeting overshoot.