Citi forecasts Fed rate hike in September, cuts by mid-2027

Citi's call is notable less for its destination than its path: a hike before cuts inverts the easing consensus that has shaped positioning across risk assets, including crypto and tokenized RWAs. A near-term tightening signal, if it gains traction, would test the rate-sensitive narratives that have underpinned much of the sector's recent bid. Whether other major houses follow Citi's non-consensus sequencing is the open question, and how that repricing filters into dollar liquidity and duration appetite is what matters next.