Recently, several leading financial institutions have changed their tone regarding the Federal Reserve's interest rate cut plans for this year.

Citi's new forecast is a 25 basis point cut in March, July, and September, earlier by a few months than before. Goldman Sachs is more conservative, changing to a 25 basis point cut in June and September. Barclays expects cuts in June and December, while Morgan Stanley forecasts cuts in June and September.

What do these changes indicate? Most of these institutions initially expected rate cuts to begin at the start of the year, but now all have pushed them back. Originally, Citi anticipated rate cuts in January, March, and September, now postponed to March, July, and September. Goldman Sachs shifted from March and June to June and September. Barclays moved from March and June to June and December.

The most aggressive attitude change comes from JPMorgan — they have outright canceled their expectation of rate cuts in 2026 and instead expect a 25 basis point hike in Q3 2027.

What does this mean for the crypto market? Changes in interest rate policies directly impact capital flows. Delays in rate cuts imply the Fed remains relatively hawkish, which can affect the attractiveness of risk assets. While each institution's views differ slightly, the consensus is clear: rate cuts won't happen so soon.