Grayscale Research has reported that accelerating U.S. inflation is limiting the Federal Reserve's ability to cut interest rates, with market expectations now suggesting no rate cuts until September 2027. According to Grayscale, this macroeconomic environment will have three major impacts on the cryptocurrency market: increased pressure on trades aimed at countering fiat currency depreciation, accelerated development of tokenized fixed income products, and higher earnings for stablecoin issuers from their reserves.