🤝 Hayes on Treasury Buybacks
In his latest piece, “Same Same But Different,” Arthur Hayes draws a comparison between Scott Bessent’s current strategy and Janet Yellen’s approach in late 2023—when the roll-off of short-term Treasuries injected roughly $2.4 trillion in liquidity, giving a boost to both Nasdaq and Bitcoin.
Now, the US Treasury is aiming to cap long-term yields through targeted buybacks. Following the announcement on 19 August of an additional ~$20 billion in purchases, the 10-year yield dipped—and Bitcoin responded with a rally.
But according to Hayes, this move might not be sufficient to sustain momentum.
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2August 26, 2026 14.7K 1
