Odaily星球日报讯 BitMEX 联合创始人 Arthur Hayes 于 X 平台发文称，“我对美联储降息计划未达预期原因的看法如下：自从鲍威尔在杰克逊霍尔宣布 9 月降息以来，比特币下跌了 10%，为什么？我认为降息对风险资产有利。隔夜逆回购（RRP）支付 5.3%的利率，而没有任何 1 年期以下的国债利率更高。货币市场基金（MMF）会将资金从国债转向 RRP，这对流动性来说是负面的。自杰克逊霍尔会议以来，RRP 增加了 1200 亿美元。我认为只要国债利率低于 RRP，这种情况将会继续。”

Arthur Hayes：只要国债利率低于RRP，市场流动性依旧不会转好

Odaily Odaily News BitMEX co-founder Arthur Hayes wrote on the X platform, &quot;My views on why the Fed&#39;s rate cut plan did not meet expectations are as follows: Bitcoin has fallen 10% since Powell announced the September rate cut at Jackson Hole. Why? I think rate cuts are good for risky assets. Overnight reverse repurchases (RRP) pay an interest rate of 5.3%, while no Treasury bond interest rate under 1 year is higher. Money market funds (MMFs) will shift funds from Treasury bonds to RRP, which is negative for liquidity. Since the Jackson Hole meeting, RRP has increased by $120 billion. I think this situation will continue as long as Treasury bond interest rates are lower than RRP.&quot;

Arthur Hayes: As long as the Treasury bond interest rate is lower than RRP, market liquidity will not improve

Author: Arthur Hayes
Compiled by: Liam (Any opinions expressed here are the author's personal views and should not be used as a basis for investment decisions, nor should they be considered a recommendation or solicitation to participate in investment transactions.)

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