The Federal Reserve cut interest rates again on December 10th—by 25 basis points, bringing the federal funds rate to the 3.5%-3.75% range. This is the third rate cut this year, totaling 75 basis points.

But this time is different.

The voting process revealed the most intense internal division in five years: three members voted against the proposal. Board member Michelle Bowman was particularly vocal, dissenting three times in a row. Her term expires in January next year, and this move has a somewhat "farewell gift" tone. The last time such a significant split occurred was back in September 2019.

Even more intriguing is that dot plot.

The message it conveys is quite direct: only one rate cut in 2026, another in 2027, then stabilization around 3%. What does this imply? The easing cycle is winding down, and the floodgates of monetary easing are closing.

The Fed’s official statement is somewhat vague—saying the economy is expanding at a "moderate pace," but employment data is somewhat disappointing. Unemployment was rising before September, and job creation has been slowing down. To maintain market liquidity, they announced the restart of Treasury bond purchases.

And what about the crypto market?

In the short term, the 25 basis point rate cut combined with bond-buying operations will likely keep liquidity flowing into the market for a while. But the medium- to long-term path is already quite clear—the dot plot suggests only two more rate cuts possible in the next two years, with interest rates gradually locking in around 3%. This might not be good news for assets accustomed to low-interest environments.

Internal disagreements within the committee may actually be the most thought-provoking signal.