đ My Theory on Why Fed Rate Cuts Arenât Going to Plan đĄ
- đ $BTC Down 10% since JAYPOW announced the September rate cut at Jackson Hole. Arenât rate cuts supposed to be good for risk assets?
- đ” RRP Pays 5.3%: No T-bill under 1-year maturity offers a higher rate, pushing money from T-bills to RRPâa liquidity negative for markets.
- đ RRP Up $120B Since J-Hole: As long as T-bill rates stay below RRP, we can expect this trend to continue.
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Iâll dive deeper into the implications of Fed rate cuts and more thoughts on this at my KBW keynote tomorrow. Stay tuned! đ€đ #FedRateDecisions #ratecuts #liquidity