In March, I mentioned that for me to believe the market has shifted from a rebound to a reversal, meaning that monetary policy has truly begun to move towards easing, two preconditions must be met: one is the cancellation of SLR, and the other is the cessation of balance sheet reduction.

Although these two conditions have not yet been fully realized, it is worth noting that the Federal Reserve has indeed begun to advance the adjustment of SLR. The Board recently reviewed a proposal regarding SLR reform, with the core goal of lowering the capital requirements for banks holding low-risk assets (such as U.S. Treasury bonds). The purpose is clear: to enhance banks' intermediary capacity in the Treasury market and alleviate market liquidity issues.

Currently, this proposal has entered the public comment phase, which lasts for 60 days. In the coming months, the Federal Reserve will refine and ultimately implement the SLR adjustment plan based on market feedback.

This is likely a gradual release of positive information to the market.

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