Core Viewpoint - The Vice Chair of the Federal Reserve, responsible for financial regulation, highlighted the connection between bank regulation and the liquidity of the U.S. Treasury market [1] Group 1: Regulatory Insights - The Federal Reserve is set to meet on Wednesday to discuss the Supplementary Leverage Ratio (SLR) [1]

Core Viewpoint - The report by JPMorgan strategists led by Ipek Ozil suggests that introducing a Supplementary Leverage Ratio (SLR) in the form of a reduction may lead to worse outcomes than the market anticipates, exerting bearish pressure on swap spreads [1] Group 1 - Strategists emphasize that reserves and U.S. Treasuries on dealer balance sheets should be excluded from SLR calculations [1] - Excluding these assets would allow banks to expand their balance sheets during times of stress [1] - The report takes into account the turmoil experienced by Silicon Valley Bank in 2023 and the challenges of managing long-term U.S. Treasury interest rate risk [1]

Core Viewpoint - The Federal Reserve is considering relaxing leverage requirements for large banks, initiating a broader review of banking regulations, particularly the Supplementary Leverage Ratio (SLR) [1][2] Group 1: Regulatory Changes - The Federal Reserve's policy committee will hold a meeting on June 25 to discuss potential modifications to the SLR, which mandates banks to hold a capital ratio against all assets regardless of risk [1] - The meeting will be the first under the newly confirmed regulatory head, Michelle Bowman, who is expected to advocate for a more lenient regulatory approach [1][2] Group 2: Industry Implications - The SLR, originally intended as a baseline requirement, has become a rigid constraint limiting the lending capabilities of major financial institutions, particularly during periods of market liquidity stress [2] - If the SLR is adjusted to exempt U.S. Treasury securities or lower the capital requirements, it could release hundreds of billions in capital, allowing major banks like JPMorgan, Citigroup, and Morgan Stanley to expand their balance sheets and enhance shareholder returns [3] - A more relaxed SLR could significantly boost the return on equity (ROE) for Wall Street firms and provide room for stock buybacks and dividends, particularly benefiting investment banks like Goldman Sachs and Morgan Stanley [3]

美联储将于6月25日（下周三）开会，讨论补充杠杆率（SLR）。 ...

Core Viewpoint - The confirmation of Michelle Bowman as Vice Chair for Supervision at the Federal Reserve indicates a shift towards more lenient regulatory policies under President Trump's administration [1] Group 1: Regulatory Changes - Bowman has advocated for more "tailored" regulations and suggests a significant change in regulatory focus compared to her predecessor, Michael Barr [1] - She aims to prioritize regulatory reform, restore differentiated regulatory mechanisms, and enhance transparency and accountability in the banking system [1][2] - There is an ongoing effort to simplify regulatory processes, with Treasury Secretary Yellen inviting Bowman and other officials to private meetings [1] Group 2: Capital Proposals - Bowman plans to collaborate with officials from the FDIC and OCC to reintroduce a significant U.S. bank capital proposal known as "Basel III Endgame," which previously proposed a 19% increase in capital requirements for the largest banks [2] - She is also exploring adjustments to the Supplementary Leverage Ratio (SLR), which currently limits banks' ability to purchase traditionally safe assets like U.S. Treasury bonds [2] Group 3: Industry Reactions - Consumer advocacy groups express concern that Bowman's views may favor deregulation, potentially jeopardizing the financial security of ordinary Americans [2] - Industry organizations, such as the Independent Community Bankers of America, support Bowman, citing her real-world experience and understanding of how one-size-fits-all regulations can hinder access to credit for those in need [2]

Boockvar指出，即便降低SLR，银行也未必会因此增加国债持仓，尤其是在2023年硅谷银行因持有大量 长期国债而倒闭的阴影犹在。他说："即使银行愿意增持国债，也更可能选择短期国库券，而不是加长 久期。这意味着长端收益率仍需其他力量来稳定。" 此外，上周特朗普的大规模税收与财政支出法案在众议院险些过关，也引发市场对未来财政赤字的担 忧。 在此背景下，降低SLR不仅有助于银行持有更多国债、缓解市场压力，也能帮助特朗普政府实现"控制 长期收益率"的目标。今年2月，政府已承诺将关注长期国债收益率的控制，此举进一步验证了市场对 SLR改革的预期。 贝森特表示，当前SLR制度实际上是在"惩罚"银行持有无风险资产。他指出："如果我们能够减少这一 杠杆成本，根据一些估算，收益率可能下降几十个基点。在新冠危机期间，SLR曾短暂暂停，市场反应 非常积极。" 不过，并非所有人都对这一计划持乐观态度。Bleakley咨询集团首席投资官Peter Boockvar在周二发布的 报告中表示，贝森特的预期可能"过于乐观"。 美国财政部长贝森特近日透露，他正推动一项可能影响重大债券市场的改革计划，下调银行的补充杠杆 率(SLR)，以压低 ...

美财长暗示或于今夏放宽银行交易美债的资本限制 金十数据5月24日讯，美国财政部长贝森特表示，今年夏季美国监管机构可能会取消一项限制银行在规 模29万亿美元的美债市场交易的规定。他在接采访时表示："我们已非常接近推进这一调整。"他指的是 所谓的"补充杠杆率"（SLR）。目前，美联储、货币监理署（OCC）和联邦存款保险公司（FDIC）这 三大主要银行监管机构正在处理相关问题，"我认为我们可能在今年夏天就看到相关政策出台。"贝森特 指出， 如果取消SLR（该规定要求银行在进行美债交易时持有一定比例的资本）可能会使美债收益率 下降数十个基点。 ...

美国财长贝森特：非常接近调整补充杠杆率（SLR）。我们可能会在夏季看到SLR的变化。SLR的调整 可能对国债收益率产生影响。 ...

美国财长贝森特：补充杠杆率（SLR）调整可能使国债收益率下降数十个基点。 ...

Core Viewpoint - The U.S. government is preparing to announce the largest reduction in bank capital requirements in over a decade, marking a significant move in the Trump administration's deregulation agenda [1] Summary by Sections Regulatory Changes - Regulatory agencies plan to lower the Supplementary Leverage Ratio (SLR) in the coming months, which is a key capital adequacy metric for commercial banks [3] - The SLR was established in 2014 as part of reforms to prevent systemic risks in the banking sector following the 2008-2009 financial crisis [3] Industry Reactions - Bank lobbyists have long opposed the SLR, arguing it penalizes banks holding low-risk assets like U.S. Treasury bonds, thus hindering their ability to support a $29 trillion government debt market [4] - Critics express concerns about the timing of reducing capital requirements, citing various risks in the current global economic landscape [4] Potential Benefits - Analysts believe that lowering the SLR could benefit the U.S. Treasury market by allowing banks to purchase more government bonds, potentially lowering borrowing costs [5] - The change may enable banks to regain competitive advantages lost to high-frequency traders and hedge funds since the financial crisis [5] Support from Policymakers - Key U.S. policymakers, including Treasury Secretary and the Federal Reserve Chair, support the relaxation of SLR as a priority for major banking regulators [6] - Currently, major U.S. banks must hold at least 5% of their total leverage as Tier 1 capital, compared to lower standards in Europe, Canada, and Japan [6] Specific Adjustments - One proposed adjustment is to exclude low-risk assets like Treasury bonds and central bank deposits from the leverage ratio calculation, which could free up approximately $2 trillion in balance sheet space for large banks [6] - However, this exclusion could create discrepancies with international standards, raising concerns among European regulators [6] Constraints on Large Banks - Most large U.S. banks are also subject to other regulations, such as stress tests and risk-weighted capital requirements, which may limit the benefits they can derive from SLR reforms [7] - Only State Street Bank is currently significantly constrained by the SLR, indicating that the impact of potential reforms may vary across institutions [7]