On April 26th, BitMEX co-founder Arthur Hayes posted on social media that with the US Treasury Department expecting tax revenues to increase the Treasury General Account (TGA) by about $200 billion, US Treasury Secretary Janet Yellen is expected to inject a large amount of liquidity into the market when announcing the Q2 2024 bond issuance plan next week.

Hayes proposed three possible options: first, stop issuing bonds and reduce the TGA to zero, which would inject $1 trillion in liquidity into the market; second, transfer more borrowing to short-term Treasury bills, thereby withdrawing $400 billion from overnight reverse repurchase agreements (RRP) and injecting liquidity into the market; third, combine the first two methods, not issue long-term bonds, only issue short-term Treasury bills, while consuming TGA and RRP, which would inject $1.4 trillion in liquidity into the market.