Citi Bank’s latest research report has dropped a bombshell: this Wednesday’s FOMC meeting may be just the beginning. Their team of economists predicts that after this rate cut, there will be two more follow-up moves in January and March next year. Three consecutive cuts? This expectation has set the entire market abuzz.

What does it mean if things play out at this pace? Borrowing costs will decline faster, the corporate financing environment will improve rapidly, and asset prices could see a strong rebound. But the other side of the issue is even more concerning—why does the Fed need such aggressive easing measures?

The answer lies in the latest bankruptcy data. So far this year, 717 large U.S. companies have declared bankruptcy, the highest number since 2010. Even more striking, in November alone, 62 major companies couldn’t hold on. The most severe wave of bankruptcies in fifteen years is unfolding before our eyes.

This creates a strange scenario: on one hand, the central bank may begin a cycle of consecutive rate cuts to inject liquidity into the economy; on the other, companies are collapsing in droves, and recession signals are becoming increasingly clear. Policymakers obviously see dangers that ordinary people haven’t noticed yet.

For the crypto market, this sends a complex signal. A loose monetary environment usually benefits risk assets, but if the reason behind it is a deteriorating economic foundation, how long can those benefits last? Wednesday’s decision will not only impact the direction of interest rates but also reveal the Fed’s true assessment of the economy.

The market is on edge, and everyone is waiting for that answer. Can rate cuts hold back this wave of recession? Or is this merely a stopgap measure before an even bigger storm hits?