UBS WM sees Fed rate hikes in Sep, Dec 2026

The reversal from a steady-rate stance to projected hikes in late 2026 signals a notable reassessment of inflation persistence or growth resilience, which could ripple through rate-sensitive asset valuations. For crypto and RWA markets, this matters because it implies a longer period of tighter liquidity than previously priced, potentially dampening risk appetite. The key is whether other major banks follow suit, as that would solidify the narrative and force broader repricing across yield curves.