At a New York Fed conference on September 22, U.S. Treasury officials discussed whether the government should lend excess cash into the overnight repo market, announcing no program, amount or timetable. The Treasury General Account balance could reach approximately $1.05 trillion, plus or minus $50 billion, by late October. A May analysis by the advisory committee estimated that the economic benefits of such an operation would amount to only 0 to 2 basis points for the consolidated government. Any potential impact on Bitcoin would remain indirect and contingent on actual changes in short-term funding conditions, not merely the size of the cash balance.
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