Traders Fully Price In Two Fed Rate Hikes by End of January

The significance here is less the hikes themselves than the speed of the repricing: a market that had been positioned for policy easing is now fully priced for tightening within a short window, which compresses the adjustment period for every rate-sensitive asset. Crypto and tokenized real assets sit at the pointy end of that, since their valuations lean on the same discount-rate assumptions as long-duration equities. Whether this hawkish repricing holds or fades as the meeting dates approach is the open question, and it is the one that will set the tone across risk markets.