Looking at the latest pace of rate cuts, Barclays economists still maintain their previous view: the Federal Reserve will cut interest rates by 25 basis points in March and June 2026. But there's a detail worth noting—minutes from the December Federal Open Market Committee meeting indicate that January might hold steady. Why? The FOMC needs more time to digest the actual effects of the previous rate cuts, meaning they are observing market reactions and waiting for more comprehensive data before making moves. This is quite critical for the crypto space, as expectations of rate cuts directly influence liquidity and the performance of risk assets.