According to ChainCatcher, BitMEX co-founder Arthur Hayes published his latest article "Sugar High", discussing issues such as why the Japanese yen's interest rate hike is not strong enough.

Hayes said that fiat liquidity conditions are very favorable for cryptocurrency holders as we enter the final stages of the third quarter. Central banks around the world, now led by the Federal Reserve, are reducing the cost of money. The Fed cut rates amid above-target inflation, while the U.S. economy continues to grow. The Bank of England and the European Central Bank are likely to continue cutting rates at their upcoming meetings. Treasury Secretary Yellen has pledged to issue $271 billion in Treasury bills and conduct $30 billion in repurchases by the end of the year. This will add $301 billion in U.S. dollar liquidity to financial markets. The U.S. Treasury has about $740 billion left in the Treasury General Account (TGA), which can and will be used to stimulate the market and help Harris win.

The article also wrote: “If the Fed cuts interest rates when inflation is above target and economic growth is strong, imagine what they will do if a US recession does occur. They will increase their printing of money and significantly increase the money supply. This will cause inflation and may be bad for certain types of businesses. But for an asset with a limited supply like Bitcoin, this will be a rapid journey to the moon.”