Huatai Securities: Fed unlikely to hike again in October, December move base case

The read here is about sequencing rather than direction: Huatai is treating the weak payroll print as a timing signal, not a regime change, since it still keeps a December hike as the base case. That matters for rate-sensitive corners of crypto and tokenized real-world assets, where the near-term path of policy expectations drives positioning more than the eventual terminal level. The open question is whether the softer three-month payroll trend keeps building — if it does, the December call itself comes into question.