The Federal Reserve is making headlines again. Governor Milan recently made bold remarks in an interview, stating that the U.S. central bank must cut interest rates by over 100 basis points by 2026. His reasoning is straightforward—current policies are not neutral at all, but are genuinely dragging down economic growth.

"I find it hard to see how the policy can be considered neutral," Milan said on Tuesday. "It’s clearly a tightening policy, and it’s stifling growth. There’s ample reason to cut rates by well over 100 basis points this year."

Listening to what other officials are saying is even more interesting. Last month, the Fed cut rates three times in a row, but then hinted not to expect further cuts anytime soon. According to their latest median forecast, policymakers have quite differing views on inflation and the labor market, with the current plan being only one rate cut by 2026. But investors are thinking more aggressively—they’re betting on at least two rate cuts.

Milan’s tough stance didn’t come out of nowhere. This guy only joined the Fed after taking a leave from his position as Chair of the White House Council of Economic Advisers, and from the start, he’s been advocating for aggressive rate cuts.

However, other officials’ statements are completely different. Richmond Fed President Barkin’s remarks on Tuesday indicated that he believes current interest rates are actually near neutral—neither overly stimulating nor overly restraining. Minneapolis Fed President Kashkari also holds a cautious view.

This divergence has obvious implications for the crypto market. Expectations of rate cuts have always been a key factor influencing liquidity and asset prices. The differing voices among Fed officials directly impact market expectations for future policy directions. If rate cuts come quickly and aggressively, risk assets will benefit; if the Fed holds steady, pressure on risk assets will increase. So, crypto investors need to listen carefully right now to see whose words within the Fed carry more weight.