Arthur Hayes: More Focused on Warsh’s Balance Sheet Stance Than Short-Term Rate Path

Odaily Planet Daily News: Arthur Hayes stated at the Bitcoin 2026 conference 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 such as Bitcoin.

Hayes believes that market expectations of Warsh being "hawkish" may be overinterpreted. He predicts the Fed is more likely to adjust liquidity through methods like asset swaps, rather than weakening the U.S. Treasury's debt issuance capacity.