Deutsche Bank's Chief US Economist, Matthew Luzzetti, has criticized the Federal Reserve's current federal funds rate, claiming it is approximately 100 basis points below where it should be according to standard monetary policy frameworks like the Taylor rule. The Fed recently reduced its target range by 25 basis points to 3.5%-3.75% on December 10, 2025, continuing a trend of easing. Luzzetti argues that the neutral rate, where monetary policy neither stimulates nor restricts the economy, should be around 3.25%-3.5% by late 2025 or early 2026. However, Fed minutes suggest further easing could lower the benchmark rate to around 3%, widening the gap between actual and recommended policy. While crypto markets have not yet reacted to these macroeconomic signals, the Fed's upcoming meetings could heighten tensions between market expectations and policy decisions.