Arthur Hayes calls Fed's new RMP Treasury purchases a stealth return to money printing

On Dec. 10, the Federal Reserve launched its reserve management purchases (RMP) program alongside a 25 basis point rate cut, with plans to buy about $40 billion of short-term Treasurys in the first month. Arthur Hayes argues in a recent Substack essay that RMP functions like quantitative easing, inflating fiat liquidity and strengthening the investment case for Bitcoin, gold and other scarce assets while eroding purchasing power for those without assets. Bitcoin traded near $92,695 on Dec. 10 and around $87,300 at the time of writing, as Polymarket traders priced a roughly 77% chance of no policy change at the Fed's January meeting.