Market expectations are shifting. A major financial institution now projects the Fed will cut rates by 25 basis points in both June and September—quite different from their earlier forecast that pointed to January and April cuts this year.

What's the takeaway? The timeline for monetary easing is moving further out. Whether this reflects softer inflation data or the Fed's cautious stance on rate reductions, the shift matters for investors tracking liquidity cycles and their impact on risk assets. Crypto markets tend to be sensitive to these macro pivots, so the revised cut schedule could reshape sentiment around capital flows throughout the rest of 2025.