Barclays, in its macro note, expects the Fed to trim rates by 25 basis points to a 3.5%–3.75% range at this week’s policy meeting. The bank foresees a hawkish post‑meeting tone that hints at a pause in January, while continuing to call for 25 bps of easing in March and June next year. The new economic projections are anticipated to show little change, with the dot plot signaling one 25‑bp cut in 2026 and another in 2027, and the long‑term rate steady near 3%. In crypto markets, the implied easing path could bolster risk appetite and liquidity, potentially lifting Bitcoin and Ethereum along with other digital assets as investors reassess macro risk. While Barclays’ forecast is not a certainty, it provides a framework for a more accommodative policy stance into the medium term.