Removing Treasuries and reserves from the leverage ratio rule increases dealer balance sheet capacity, cools off repo markets, and stabilizes liquidity. But until that happens, it feels like we're in for some big volatility-type of price action. Seems like these structural
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Removing Treasuries and reserves from the leverage ratio rule increases dealer balance sheet capacity, cools off repo markets, and stabilizes liquidity. But until that happens, it feels like we're in for some big volatility-type of price action. Seems like these structural