Arthur Hayes: The reduction of US dollar foreign exchange will impact the demand for US Treasuries and US stocks

ChainCatcher message, Arthur Hayes posted that the current market has entered a "bad mode," where both U.S. stocks and the 10-year Treasury yield are falling simultaneously, reflecting the market's panic about the economic outlook. He emphasized that if the export of dollar earnings decreases, it will lead to a lack of capital inflow into the U.S. market, which cannot support the purchase of Treasury bonds and stocks, signaling that "the game is over."