美联储表态SLR到期不续，什么是SLR？如何影响市场

第一财经2021-03-21

美联储认为允许规则到期不会削弱美国国债市场的流动性或造成市场混乱。3月19日，美联储表示，补充杠杆率（SLR）的减免措施将于3月31日到期，将采取适当行动，以确保SLR的任何变动不会削弱银行资本金要求的整体力度。美联储认为允许规则到期不会削弱美国国债市场的流动性或造成市场混乱。美联储计划重新评估SLR，以确保它在“高储备”环境下仍能发挥作用。受此影响，美国10年期国债收益率短线跳升重返1.7%，...

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精彩评论

虎琊
2021-03-22
虎琊
[微笑]
馨墨
2021-03-22
馨墨
现在是银行股票要大跌吗？
sgczhao
2021-03-22
sgczhao
🧐🧐
Ikhas
2021-03-22
Ikhas
这哈银行股要小跌回调一下了$摩根士丹利(MS)$$摩根大通(JPM)$$高盛(GS)$
显著性
2021-03-22
显著性
原来SLR是针对美国大型商业银行的，那么现在不续了，=杠杆限制回来了，那么就有抛售国债的趋势，价格走低，相对收益率走高，国债利率走高。
海7525
2021-03-22
海7525
利好还是利空？

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116

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What is SLR? How to affect the market?","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/fa734a7dc71b0f2728c353cca7a14fab","symbols_score_info":{"161125":0.9,"513500":0.9,"OEX":0.9,"UPRO":0.9,"UDOW":0.9,"TQQQ":0.9,"SSO":0.9,"SQQQ":0.9,"SPY":0.9,"SPXU":0.9,"SH":0.9,"SDS":0.9,"SDOW":0.9,"QQQ":0.9,"QLD":0.9,"QID":0.9,"PSQ":0.9,".DJI":0.9,"OEF":0.9,"IVV":0.9,"NQmain":0.9,"MNQmain":0.9,"ESmain":0.9,"DXD":0.9,"DOG":0.9,"DJX":0.9,"DDM":0.9,".SPX":0.9,".IXIC":0.9},"content_text":"美联储认为允许规则到期不会削弱美国国债市场的流动性或造成市场混乱。3月19日，美联储表示，补充杠杆率（SLR）的减免措施将于3月31日到期，将采取适当行动，以确保SLR的任何变动不会削弱银行资本金要求的整体力度。美联储认为允许规则到期不会削弱美国国债市场的流动性或造成市场混乱。美联储计划重新评估SLR，以确保它在“高储备”环境下仍能发挥作用。受此影响，美国10年期国债收益率短线跳升重返1.7%，现报1.742%。什么是SLRSLR是一种美联储针对商业银行的资本充足率指标，金融危机之后美联储修改了SLR相关的规定，对美国的大型银行额外杠杆施加限制，以防范银行系统风险。 2020年4月1日，美联储实施“将美国国债和存放美联储资产从SLR 指标扣除”的豁免条款（以下称 SLR 豁免条款）。该条款将于2021年3 月31日到期。新时代证券表示，1月底以来，美国债券市场内部出现了一个跷跷板现象，那就是长端美债利率上升的同时，短端美债利率下降。这和美国财政部在美联储的存款账户（treasury general account，TGA）缩减，以及银行补充杠杆率（SLR）豁免期限将至有关。SLR政策到期如何影响市场中金公司认为，SLR政策若未能顺利延期，美债利率可能有进一步上行压力。为了满足此前SLR考核框架下资本充足率要求，美国大型银行需要补充一级资本或压降其他类型风险资产（例如美债、信贷等），不排除银行需要通过卖出美债等降低风险资产敞口。一旦银行抛售美债，预计美债收益率上行压力将加大。中金公司指出，由于，与此同时美联储还在进行资产购买，这将会进一步增加大型银行的准备金，导致银行更难以满足SLR要求。美国1.9万亿美元财政刺激法案增加了美债供给，而刺激方案中对于居民补贴的部分最终会形成银行的存款，银行需要对此增加更多的存款准备金以满足监管要求，这也将削弱银行持有美债以及在回购市场中收取美债作为抵押品出借现金的意愿，美债供需压力可能会进一步加剧。中国银行表示，SLR豁免条款到期将主要产生以下五个方面影响：第一，美国银行业持有国债意愿将显著降低，弱化国债做市能力。第二，2-5年和6-10年期国债抛压将进一步增大，国债收益率曲线更趋陡峭化。第三，做空交易成为市场主流，国债回购利率跌入历史性负值。第四，银行存放美联储准备金趋降，倒逼资产结构调整。第五，美国大型银行SLR监管成本显著抬升。中国银行表示，美国国债收益率是基础性利率，是美国乃至全球资产定价之锚。美国国债收益率上行，将加大股市高位调整风险，抬升借贷资金成本，对美元指数产生小幅支撑作用，促使国际资本流动格局发生变化。在机构层面，银行减持国债，从根本上改变了国债及其回购市场的做市能力与流动性局面，依赖国债回购拆借资金的非银行金融机构将面临较大冲击；如果国债收益率上行引发跨市场资产价格大幅共振，将进一步加剧对冲基金、共同基金等非银行金融机构风险，进而传至整个金融机构体系，甚至诱发系统性危机。","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":359197199,"gmtCreate":1616372357811,"gmtModify":1634526230580,"author":{"id":"3557455323607292","authorId":"3557455323607292","name":"虎琊","avatar":"https://static.tigerbbs.com/0995a39178d8512115e4e0e1619b14dd","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3557455323607292","authorIdStr":"3557455323607292"},"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359197199","repostId":2120911091,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":359104446,"gmtCreate":1616371362685,"gmtModify":1634526237090,"author":{"id":"3562900322786635","authorId":"3562900322786635","name":"馨墨","avatar":"https://static.tigerbbs.com/2dfe3d172f9f2a15fda31a9cffe541d1","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3562900322786635","authorIdStr":"3562900322786635"},"htmlText":"现在是银行股票要大跌吗？","listText":"现在是银行股票要大跌吗？","text":"现在是银行股票要大跌吗？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359104446","repostId":2120911091,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":359103201,"gmtCreate":1616370894103,"gmtModify":1634526240838,"author":{"id":"3564398777411265","authorId":"3564398777411265","name":"sgczhao","avatar":"https://static.tigerbbs.com/463ea3f31ed77071863bce732e8e8336","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3564398777411265","authorIdStr":"3564398777411265"},"htmlText":"🧐🧐","listText":"🧐🧐","text":"🧐🧐","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359103201","repostId":2120911091,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":359371785,"gmtCreate":1616370107447,"gmtModify":1616370107447,"author":{"id":"3557305548001793","authorId":"3557305548001793","name":"Ikhas","avatar":"https://static.tigerbbs.com/a0fd7b69b3c00ecf9cc780ede0cf5943","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3557305548001793","authorIdStr":"3557305548001793"},"htmlText":"这哈银行股要小跌回调一下了<a href=\"https://laohu8.com/S/MS\">$摩根士丹利(MS)$</a><a href=\"https://laohu8.com/S/JPM\">$摩根大通(JPM)$</a><a href=\"https://laohu8.com/S/GS\">$高盛(GS)$</a>","listText":"这哈银行股要小跌回调一下了<a href=\"https://laohu8.com/S/MS\">$摩根士丹利(MS)$</a><a href=\"https://laohu8.com/S/JPM\">$摩根大通(JPM)$</a><a href=\"https://laohu8.com/S/GS\">$高盛(GS)$</a>","text":"这哈银行股要小跌回调一下了$摩根士丹利(MS)$$摩根大通(JPM)$$高盛(GS)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359371785","repostId":2120911091,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":359363803,"gmtCreate":1616349685302,"gmtModify":1616349685302,"author":{"id":"3576932440379665","authorId":"3576932440379665","name":"显著性","avatar":"https://static.tigerbbs.com/bafa467f1980842a55fc2a64ddf8e03a","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3576932440379665","authorIdStr":"3576932440379665"},"htmlText":"原来SLR是针对美国大型商业银行的，那么现在不续了，=杠杆限制回来了，那么就有抛售国债的趋势，价格走低，相对收益率走高，国债利率走高。","listText":"原来SLR是针对美国大型商业银行的，那么现在不续了，=杠杆限制回来了，那么就有抛售国债的趋势，价格走低，相对收益率走高，国债利率走高。","text":"原来SLR是针对美国大型商业银行的，那么现在不续了，=杠杆限制回来了，那么就有抛售国债的趋势，价格走低，相对收益率走高，国债利率走高。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359363803","repostId":2120911091,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":359380666,"gmtCreate":1616343002755,"gmtModify":1616343002755,"author":{"id":"3553000267481683","authorId":"3553000267481683","name":"海7525","avatar":"https://static.tigerbbs.com/66ef1b5a121967deaba20e2e39395252","vip":1,"crmLevel":2,"crmLevelSwitch":1,"idStr":"3553000267481683","authorIdStr":"3553000267481683"},"htmlText":"利好还是利空？","listText":"利好还是利空？","text":"利好还是利空？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/359380666","repostId":2120911091,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":116,"commentSize":24,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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