

Leverage ratio reform: the good, the bad and the Treasury
A simple cut would be less likely to stoke interest rate risk than exempting US government bonds
They say every cloud has a silver lining. The volatility in US Treasury markets after president Donald Trump’s tariff announcements in April may have given risk managers sleepless nights, but it was also an opportunity for bank lobbyists to reignite a longstanding campaign. When the Federal Reserve exempted US Treasuries from the supplementary leverage ratio (SLR) for one year during Covid, it gave dealers a taste of balance sheet flexibility that they’ve been craving ever since – but now, they
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