Derived from MetaEra, Delphi Digital noted on December 4 that the Fed’s rate path is the clearest in years, with a 25-basis-point rate cut expected by December 2025, bringing the federal funds rate to 3.5%-3.75%. Quantitative tightening ended on December 1, TGA is being reduced, and overnight reverse repurchase (RRP) is fully drained, creating a positive net liquidity environment since early 2022. The SOFR and federal funds rate have returned to the 3% upper range, while real rates have declined from 2023-2024 peaks in a controlled manner. 2026 is expected to be a year of policy easing, favoring long-duration assets, large-cap stocks, gold, and digitally backed assets with structural demand.
Delphi Digital: Market Sees First Positive Net Liquidity Since Early 2022
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