Median FOMC member now targets a total rise in the federal funds rate of .75% by year-end 2022. The severity of this shift in expectations over just three months can't be overstated.Looking back, a simple lesson from U.S. quantitative easing history is that generally the Fed balance sheet only increases and each new iteration is larger in scope.Rates are low, and compared to any time prior to the 2008 recession, the federal funds rate will still be historically low despite coming hikes in 2022.The Fed's policies of historically low rates and unprecedented expansion of its balance sheet should continue, a boon for hard assets in the crypto space.
