Goldman Sachs: Market Fed Hike Expectations Too Hawkish

This is a rates-expectations story wearing a crypto headline. Goldman's pushback matters less as a call on the Fed than as a signal that the macro consensus pricing risk assets off is itself contested, which tends to loosen the correlation trade that has kept crypto and tokenized RWAs tethered to rate pathing. The read-through for digital assets is indirect: easier financial conditions help at the margin, but only if the Fed validates the view. Whether market pricing actually converges toward Goldman's forecast, or the Fed talks it back up, is the open question.