Fed Minutes: Most Support Holding Rates, Some Favor Hikes

The split matters less than its direction: the dissent runs toward tightening, not easing, which keeps the cost of carry for risk assets and tokenized real-world yield products anchored to a higher-for-longer base case. For RWA issuers, that sustains the relative appeal of on-chain Treasury and money-market exposure, while crypto's native yield strategies face a narrower spread to risk-free rates. Whether that hawkish minority grows or fades at the next meeting is the open question.