Macquarie Expects Fed to Raise Rates Another 50bps, 25bps Each in December and Q1 2027

Macquarie's call stands out less for the size of the hikes than for the horizon: it treats tightening as a 2027 story, not a near-term one, which cuts against the prevailing assumption that the cycle is essentially finished. If that view gains traction, the read-through is a longer stretch of elevated funding costs for rate-sensitive corners of crypto and tokenized real assets, where carry and yield spreads do much of the work. Whether other sell-side desks converge on a 2027 hike or dismiss it as an outlier is the open question.