The Royal Bank of Canada's fixed income team recently made an interesting judgment - the Fed will most likely cut interest rates at this meeting, but after this cut, it may have to press the pause button.

Andrzej Skiba, who is in charge of the U.S. fixed income business, said this: The U.S. economy is running quite vigorously at the moment, and although interest rate cuts will come, this may be a "hawkish rate cut". What does it mean? It is a drop, but the words are implying that "almost it's done".

Their logic is this: the current inflation data and job market performance are actually not very supportive of the Fed continuing to release water sharply. After this round, it is safer to wait and see which direction the economy is going at the beginning of next year.

Skiba specifically mentioned that the market has to keep an eye on those members who voted against it - some people think it should be lowered more, and some people think it doesn't need to be lowered at all. But according to their predictions, after this rate cut, considering that the US economy may accelerate in 2026, "the need for interest rate cuts is basically non-existent."

Of course, it is not ruled out that when the Fed changes its term in May next year, it will be cut symbolically again for political reasons. But from the perspective of economic fundamentals? In the foreseeable future, interest rate cuts may really come to an end.

For the crypto market, this expectation of "stopping after the cut" may be more worth pondering than continued easing.