Zach Pandl, head of research at Grayscale, said in an interview that "a Fed rate cut is out of the question for now." He pointed out that this is bad for risk assets such as bitcoin in the short term, as the market is further digesting expectations that the Fed will delay rate cuts. Pandl believes that the CPI data in January exceeded expectations (up 3% year-on-year), and core inflation also rose to 3.3%, indicating that inflation remains stubborn. Pandl also warned that if inflation continues to exceed expectations, the Fed may even return to raising interest rates, which will be a bigger shock to market sentiment.