以伊佩克·厄齐尔（Ipek Ozil）为首的摩根大通策略师在一份报告中表示，如果以降低补充杠杆率 （SLR）的形式引入补充杠杆率，其结果可能比市场预期更糟糕，并对掉期利差造成看跌压力。 策略师们重申，应将交易商资产负债表上的准备金和美国国债排除在SLR计算范围之外，因为这将允许 银行在压力时期扩大资产负债表，同时也考虑到2023年硅谷银行的动荡以及管理长期美国国债利率风险 的困难。 ...

在美联储6月25日会议前，由于特朗普本人长期主张的"放松监管"立场以及这位总统提名的美联储最高 级别监管负责人鲍曼也倾向于放松监管，市场持续聚焦于"补充杠杆率"(SLR)是否会被放松。 据了解，此次会议将是美联储理事米歇尔·鲍曼(Michelle Bowman)获确认担任美联储最高级别监管负责 人后举行的首次监管政策会议。鲍曼为美国总统唐纳德·特朗普提名的共和党籍监管负责人。鲍曼对于 货币政策以及监管政策的立场均偏向宽松，这也是为何华尔街金融巨头们普遍认为特朗普提名的鲍曼将 推动大举放松美联储监管部门对于华尔街过于严苛的监管准则。 据媒体报道，鲍曼已拟定雄心勃勃的计划，欲全面改革美联储对于全美最大规模且最复杂商业银行的监 管和监控方式。 美联储在声明中未透露拟议改革方案的任何细节，但美国银行业多年来一直呼吁调整补充杠杆率，例如 通过豁免传统意义上的安全资产，或修改计算公式。 美国银行业普遍认为，补充杠杆率初衷是作为"底线"要求，即便对极其安全资产也要计提资本，但随着 时间推移，该指标已成为制约华尔街金融巨头们放贷业务的"硬性约束"，并且在市场流动性压力时期可 能将大幅削弱银行业巨头们在美国国债市场提供庞大流动 ...

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。 ...

STARTRADER星迈发现在金融监管政策的舞台上，美国政府正酝酿一场 "大戏"—— 准备宣布对银行资本 要求进行十多年来最大规模的削减，这一举措无疑是特朗普政府放松监管议程的又一标志性动作。 据《金融时报》援引多位知情人士消息，监管机构计划在未来几个月内对补充杠杆率（SLR）进行下调。 补充杠杆率作为美联储针对商业银行的关键资本充足率指标，其核心在于要求大型银行针对总杠杆率， 包括贷款等资产以及衍生品等表外风险敞口，持有规定数量的高质量资本。这项规则诞生于 2014 年，是 2008 - 2009 年金融危机后，为防范银行系统风险而实施的全面改革举措之一，其计算公式为一级资本除 以风险资产，其中一级资本涵盖普通股和其他一级资本。 多年来，银行游说者一直对这项规定持反对态度。他们认为，SLR 规则对持有美国国债等低风险资产的 放贷人造成了 "惩罚"。在他们看来，这一规则不仅妨碍了银行促进规模高达 29 万亿美元的政府债务市场 交易的能力，还削弱了银行发放信贷的动力。银行政策研究所游说团体首席执行官格雷格・贝尔直 言："惩罚持有国债等低风险资产的银行，会削弱它们在最需要流动性的紧张时期支持市场流动性的能 力。监 ...

Core Viewpoint - The U.S. government is preparing to announce the largest reduction in bank capital requirements in over a decade, signaling a continuation of the Trump administration's deregulation agenda [1][2] Group 1: Regulatory Changes - Regulatory agencies are expected to lower the Supplementary Leverage Ratio (SLR) in the coming months, which requires large banks to hold a preset amount of high-quality capital against their total leverage [1][2] - The SLR was established in 2014 as part of reforms following the 2008-09 financial crisis, aimed at preventing systemic risks in the banking sector [1][3] - Current U.S. regulations require major banks to maintain at least 5% of their total leverage in Tier 1 capital, while international standards are lower, ranging from 3.5% to 4.25% [3][4] Group 2: Industry Implications - Lowering the SLR could benefit the U.S. Treasury market and help the Trump administration achieve its goal of allowing banks to purchase more government bonds, potentially lowering borrowing costs [2][3] - Analysts suggest that this move may encourage banks to play a larger role in Treasury trading, as post-financial crisis regulations have diminished their competitive edge against high-frequency traders and hedge funds [2][3] - The banking lobby argues that penalizing banks for holding low-risk assets like U.S. Treasuries undermines their ability to support market liquidity during times of stress [2][3] Group 3: Potential Outcomes - If the SLR is adjusted to exclude low-risk assets like Treasuries and central bank deposits from the leverage calculation, it could free up approximately $2 trillion in balance sheet space for large U.S. banks [3][4] - However, this exclusion could create a disconnect with international standards, raising concerns among European regulators about similar capital treatment for Eurozone sovereign debt [3][4] - Most large U.S. banks are already constrained by other regulations, such as stress tests and risk-weighted capital requirements, which may limit the benefits they could derive from SLR reforms [4]