Recently, there have been frequent signals in the financial markets, and the Federal Reserve's pace of interest rate cuts seems to have some uncertainty. Originally, many institutions expected rate cuts to begin as early as January this year, but now most believe it will be mid-term before any action is taken.

Citigroup has changed its stance. They previously anticipated three 25 basis point cuts in January, March, and September, but now have adjusted to March, July, and September. Goldman Sachs's new view is to cut once in June and once in September, whereas their earlier expectation was to act in March. Barclays Bank also shifted its outlook from March and June to June and December.

The change at Morgan Stanley is even more significant—moving directly from expectations of January and April to June and September. The most aggressive adjustment comes from JPMorgan, which outright overturned its expectation of rate cuts in 2026 and instead anticipates a possible 25 basis point hike in Q3 2027. What does this shift indicate? The market's expectation of the Federal Reserve maintaining high interest rates in the near term is becoming increasingly consistent.

From these data points, it is clear that market pricing is continuously reshaping. For traders, the cryptocurrency market has always been sensitive to Federal Reserve policies. Delays in rate cut expectations often influence liquidity preferences for risk assets. Monitoring these institutions' latest assessments can help you better understand the medium-term market trajectory.