🤝 Hayes on Treasury Buybacks
In his piece “Same Same But Different,” Arthur Hayes contrasts Scott Bessent’s current strategy with Janet Yellen’s approach in late 2023, when short-term Treasury rollovers injected roughly $2.4 trillion in liquidity—fueling gains in both Nasdaq and Bitcoin.
Now, the US Treasury is aiming to suppress long-term Treasury yields via buybacks. After announcing an additional $20 billion in purchases on August 19, the 10-year yield dipped—and Bitcoin responded with a rally.
But according to Hayes, this move might still fall short.
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5August 26, 2026 20.2K 1
