Arthur Hayes Says Fed’s New Liquidity Tool is QE by Another Name
Arthur Hayes, co-founder and former CEO of crypto exchange BitMEX, argued in a Substack essay published Friday that the Federal Reserve’s new “reserve management purchases” (RMP) program is effectively a rebranded form of quantitative easing. Hayes argues that by buying short-term Treasury bills and recycling liquidity through money markets, the Fed is effectively financing government…
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