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

Odaily Odaily 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 impact US dollar liquidity and the pricing of risk assets like Bitcoin.

Hayes believes that market expectations of Warsh being "hawkish" may be overblown. He anticipates the Fed is more likely to adjust liquidity through methods such as asset swaps, without undermining the US Treasury's debt issuance capacity.