📉 Arthur Hayes comments on the Fed's rate cut plan falling short of expectations: Bitcoin has fallen 10% since Powell announced the September rate cut at Jackson Hole. He believes that rate cuts are good for risky assets, but overnight reverse repurchases (RRPs) pay an interest rate of 5.3%, while no Treasury bonds under 1 year have a higher interest rate. Money market funds (MMFs) therefore shift funds from Treasury bonds to RRPs, resulting in reduced liquidity. What do you think? Let's chat in the comments!