Core Viewpoint - The Federal Reserve has issued a statement regarding the "Enhanced Supplementary Leverage Ratio (eSLR)" indicating that the overall banking capital framework will "largely" remain unchanged [1] Summary by Relevant Categories Regulatory Changes - Various regulatory agencies have announced that the deadline for comments on revisions to bank capital rules is set for August 26 [1]

Core Viewpoint - The Federal Reserve has proposed changes to the supplementary leverage ratio (SLR) for globally systemically important banks (GSIBs), aiming to reduce capital requirements and enhance liquidity in the U.S. Treasury market [1][2] Group 1: Regulatory Changes - The proposal is a 140-page discussion paper initiated by the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) [1] - The changes are seen as a reversal of the strong regulatory trend established after the 2008 financial crisis [1] - The proposal aims to adjust capital requirements for banks to ensure the enhanced supplementary leverage ratio (eSLR) functions effectively without unnecessarily limiting banks' lending capabilities [1] Group 2: Support and Opposition - Among the seven Federal Reserve governors, two opposed the proposal, while five, including Chairman Jerome Powell, supported it [2] - The current Vice Chair for Supervision, Michael Barr, stated that the proposal is a crucial step in balancing financial system stability with the resilience of the Treasury market [2] Group 3: Implementation Timeline - The proposal has a 60-day comment period, with no set timeline for implementation [2] - Goldman Sachs anticipates that the new regulations could be finalized 4-6 months after the comment period, potentially taking effect within 6-8 months [2]

交易员正在加大对美债看涨期权的押注，认为10年期美债收益率可能将跌至4%。8月到期的10年期美债 看涨期权在上周五和本周一吸引了至少3800万美元的资金。 不过，市场仍不乏反对的声音。TS Lombard的Daniel von Ahlen和Adrea Cicione写道，投资者持有较长期 美债所要求的额外收益，即期限溢价，最近并没有太大变化。这种稳定表明10年期美债收益率不太可能 跌至4%以下，因为"如果风险溢价没有实质性的压缩，收益率进一步下跌的空间就有限了。"他们说， 美联储不太可能在下一个宽松周期中将利率降至3%以下，将进一步支撑高收益率。 （文章来源：新华财经） 大型银行此前批评该资本规定限制其持有更多美国国债并在29万亿美元的市场中发挥中介作用的能力。 美联储负责监管的副主席鲍曼表示，该提案将有助于增强美国国债市场的韧性，减少市场功能失常的可 能性以及美联储在未来压力事件中干预的需要。 美联储主席鲍威尔对此表示支持。他周二出席众议院金融服务委员会听证会时表示："当杠杆率具有约 束力时，就会阻碍银行从事低利润率、相当安全的活动，比如国债市场中介。"由于银行资产负债表上 相对安全资产的比例显著增加，重新 ...

Group 1 - The three major U.S. financial regulatory agencies proposed to lower the "enhanced supplementary leverage ratio" (eSLR) requirements for the largest systemically important banks, marking a significant step in the deregulation path initiated under Trump [1] - The Federal Reserve, OCC, and FDIC plan to adjust the current 5% eSLR standard for bank holding companies and the 6% standard for deposit institutions to a floating range of 3.5% to 4.25% based on risk conditions [1] - This change could allow large banks, including JPMorgan Chase and Goldman Sachs, to release hundreds of billions of dollars in capital space, with estimates suggesting a potential release of $54 billion to $185 billion in capital [1] Group 2 - The proposal has sparked intense discussions among market participants and regulators, with differing opinions within the Federal Reserve [2] - The new Vice Chair for Supervision, Bowman, supports the proposal as a first step in balancing financial system stability and resilience in the Treasury market [2] - However, former Vice Chair Barr and another Fed governor opposed the measure, arguing it would weaken the risk resilience of systemically important banks [2] - The proposal does not include the exclusion of U.S. Treasury securities from the eSLR calculation, which large banks have long advocated for [2] - The proposal has initiated a 60-day public comment period, with the FDIC planning to hold a meeting to further discuss regulatory easing [2]

Core Viewpoint - The Federal Reserve announced plans to relax a key capital regulation, the enhanced supplementary leverage ratio (eSLR), which has been criticized by large banks for limiting their ability to hold more U.S. Treasury securities and act as intermediaries in the $29 trillion market [1][2] Group 1: Regulatory Changes - The proposed changes will lower the capital requirements for bank holding companies from 5% to a range of 3.5% to 4.5%, and for their bank subsidiaries from 6% to the same range [1] - The proposal aims to enhance the resilience of the U.S. Treasury market and reduce the likelihood of market dysfunction, as well as the need for Federal Reserve intervention during future stress events [1][2] Group 2: Industry Reactions - The proposal is seen as a partial victory for banks, which have called for the exclusion of U.S. Treasury securities from eSLR calculations [1] - Critics, including former Treasury officials, question whether relaxing the eSLR will actually encourage banks to purchase more Treasury securities [2] Group 3: Broader Implications - The changes come amid concerns about the resilience of the U.S. Treasury market, especially in light of potential future stress events [3] - Federal Reserve Chairman Jerome Powell supports revising the SLR standards to strengthen banks' roles as intermediaries in the Treasury market [3]

Core Viewpoint - The Federal Reserve Chairman Jerome Powell did not rule out the possibility of a rate cut in July but indicated that it is more likely to wait until at least September to assess the impact of tariffs on inflation [1][4][6]. Group 1: Interest Rate Decisions - Powell emphasized that many paths are possible regarding interest rates, suggesting that inflation may not be as strong as anticipated, which could lead to an earlier rate cut [1][3]. - He stated that if inflation pressures are indeed controlled, the Fed would act quickly to cut rates, but he refrained from specifying a particular meeting for such a decision [7][22]. - Powell noted that the majority of FOMC members believe a rate cut later this year is appropriate, but the economic outlook remains uncertain [9][10]. Group 2: Tariff Impact on Inflation - Powell reiterated that tariffs are expected to have a significant impact on prices during June, July, and August, and if the expected impact does not materialize, it would serve as a lesson for the Fed [2][5]. - He mentioned that at least some of the tariff costs will be borne by consumers over time, indicating a shift in who absorbs these costs [25]. - Powell maintained an open attitude towards the possibility that the impact of tariffs on inflation could be less than expected, which would have substantial implications for monetary policy [1][11]. Group 3: Economic Outlook - Powell indicated that the labor market shows no signs of weakness, and as long as the economy remains strong, there is no urgency to cut rates [22][23]. - He expressed concerns about the sustainability of the federal budget and debt growth, warning that prolonged inaction could lead to more severe consequences [61][62]. - Powell projected that the U.S. economy would slow down this year, partly due to immigration issues, and he expressed skepticism about the immediate productivity benefits of AI [31][32]. Group 4: Financial Stability and Regulation - Powell highlighted that while the commercial real estate (CRE) situation is improving, it remains a risk that needs monitoring [47][49]. - He noted that the Fed is on track with its balance sheet reduction and has room to continue this process for some time [56][57]. - Powell stated that the Fed's independence is crucial for maintaining credibility in controlling inflation, emphasizing that political factors should not influence monetary policy decisions [50][53].

Core Viewpoint - Federal Reserve Chairman Jerome Powell indicated that potential adjustments to a key capital buffer regulation should enhance banks' intermediary role in the U.S. Treasury market [1] Group 1: Regulatory Changes - Powell stated that the current leverage ratio constraints prevent banks from engaging in low-profit, relatively safe activities, such as acting as intermediaries in the Treasury market [1] - The Federal Reserve and other banking regulators are expected to announce a plan this week to lower the so-called "Enhanced Supplementary Leverage Ratio (eSLR)," which requires banks to hold a certain percentage of capital based on their asset size [1]