Fed’s Daly says rates may need to rise further

The signal matters less for the hint of another hike than for the admission of uncertainty: a sitting Fed president saying it is hard to judge whether policy is restrictive enough leaves the peak rate genuinely open, not merely delayed. For crypto and tokenized RWA markets, that keeps the discount-rate backdrop unresolved, which tends to weigh on duration-sensitive assets without offering a clean directional catalyst. The open question is whether other Fed voices echo Daly's framing or push back, since the gap between them will shape how much of this is priced as a pause versus a plateau.