Arthur Hayes: Focused on Warsh’s Balance Sheet Stance, Not Short-Term Interest Rate Path

Odaily Planet Daily News At the Bitcoin 2026 conference, Arthur Hayes stated that compared to the direction of short-term interest rates, he is more focused on the stance of Federal Reserve chair nominee Kevin Warsh regarding the balance sheet, as this will affect dollar liquidity and the pricing of risk assets such as Bitcoin.

Hayes believes that the market's "hawkish" expectations for Warsh may be over-interpreted. He predicts the Fed is more likely to adjust liquidity through asset swaps and other methods, rather than weakening the U.S. Treasury's debt issuance capacity.