On April 26, BitMEX co-founder Arthur Hayes said in a social media post that with the US Treasury expecting taxes to add about $200 billion to the total fiscal account (TGA), US Treasury Secretary Janet Yellen is expected to inject a lot of liquidity into the market when he announces the second quarter of 2024 Treasury bond issuance plan next week.
Hayes proposes three possible options: one is to stop issuing Treasury bonds and reduce the TGA to zero, which will inject $1 trillion of liquidity into the market; the other is to transfer more borrowing to short-term treasury securities, thereby removing $400 billion from the overnight reverse repurchase instrument (RRP) and injecting liquidity into the market; the third is to combine the first two practices, not issuing long-term bonds, only issuing short-term treasury securities, and consuming TGA and RRP, which will inject 1.40 trillion dollars of liquidity into the market.
Arthur Hayes: US Treasury Secretary Yellen may launch a massive liquidity injection plan to accelerate the return of the crypto bull market
2024-04-26 06:02:25
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