#密码资产动态追踪 JPMorgan's latest economic forecast report has dropped a bombshell on the market. Chief Economist Michael Feroli straightforwardly states: The Federal Reserve will not cut interest rates at all in 2026.

The reason is simple—US employment and GDP are expected to accelerate growth, and core CPI remains above 3%. Against this backdrop, there is essentially no room for rate cuts.

But that's not the most painful part. JPMorgan's report further predicts that the next move by the Federal Reserve could be a rate hike. Specifically, it is expected to raise rates by 25 basis points in Q3 2027. This completely overturns the current mainstream market expectation—many investors are still counting on two rate cuts this year.

The situation is even more complicated with political game-playing. The Trump administration continues to pressure to cut rates to 1%, while also announcing the candidate for the new Federal Reserve Chair, who is scheduled to take office in May. Meanwhile, the current Chair Powell remains firm, stating in a judicial investigation that "no one is above the law." The market panic triggered by the subpoena storm is evident—full-scale sell-offs on Monday have become a reality.

Triple pressures converge: challenges to the independence of the Federal Reserve, persistent high inflation, and hawkish forecasts' impact. In this triangular dilemma, crypto market investors face increasingly sharp questions: Is a rate cut truly hopeless? Or is a bigger wave of volatility just around the corner?

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