According to Foresight News, Arthur Hayes pointed out in his latest article "Sugar High" that the Fed's interest rate cuts can only provide short-term market stimulus, similar to a "sugar peak", but cannot sustain the long-term growth of the market. Hayes believes that the Fed needs to take more lasting measures, such as increasing the money supply, to ensure the continued growth of the market. He also warned that the appreciation of the yen could put pressure on global markets, especially on dollar-based assets. Hayes predicted that if the yen continues to appreciate, the Federal Reserve may need to resume quantitative easing to stabilize the market. At the same time, he is optimistic about the liquidity environment in global financial markets in the coming months and believes that crypto assets such as Bitcoin may benefit in this environment.