Current monetary policy may have already shifted into accommodative territory, effectively providing economic stimulus even without explicit rate cuts. This perspective suggests markets could be receiving support through loose financial conditions earlier than commonly anticipated.

For traders and investors, this implies several possibilities. If policy is already stimulative, asset prices—particularly risk assets including cryptocurrencies—could continue benefiting from favorable liquidity conditions. The spread between policy rates and neutral levels may already be creating tailwinds for speculative positions.

However, this reading also raises questions. If stimulus is already embedded in current conditions, how much additional support can policymakers provide? Understanding whether we're already in accommodative mode versus waiting for future easing becomes crucial for positioning strategies and timing market entries.