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2021-05-23

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2021-06-18

👎🏻👎🏻👎🏻👎🏻

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2021-06-14

Interesting

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2021-02-15

Hello

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2021-06-16

Jia you!!

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2021-06-11

Woww cool

Ride share prices for Uber, Lyft continue to spike nationwide amid driver shortage, high demand<blockquote>由于司机短缺和高需求，优步和Lyft的乘车股价在全国范围内继续飙升</blockquote>

2021-03-19

Oh my

Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>

2021-04-15

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2021-04-15

Wow cool

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2021-02-25

Good

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cool","listText":"Woww cool","text":"Woww cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/181688828","repostId":"1117902875","repostType":4,"repost":{"id":"1117902875","kind":"news","pubTimestamp":1623383049,"share":"https://www.laohu8.com/m/news/1117902875?lang=zh_CN&edition=full","pubTime":"2021-06-11 11:44","market":"us","language":"en","title":"Ride share prices for Uber, Lyft continue to spike nationwide amid driver shortage, high demand<blockquote>由于司机短缺和高需求，优步和Lyft的乘车股价在全国范围内继续飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117902875","media":"foxbusiness","summary":"Hailing arideis becoming increasingly expensive for consumers.\nAs ride-share companies likeUberandLy","content":"<p>Hailing arideis becoming increasingly expensive for consumers.</p><p><blockquote>对消费者来说，欢迎arideis变得越来越贵。</blockquote></p><p> As ride-share companies likeUberandLyftcombat driver shortages, prices for rides have spiked 40% nationwide, according to data from Rakuten. The surge is hitting big cities like New York, Los Angeles and Chicago especially hard.</p><p><blockquote>乐天的数据显示，随着UberandLyft等拼车公司应对司机短缺，全国范围内的拼车价格飙升了40%。这种激增对纽约、洛杉矶和芝加哥等大城市的打击尤其严重。</blockquote></p><p> Industry analysts say with the economy rebounding and travel and hospitality seeing increased demand, more consumers are once again relying on ride-hailing apps at higher rates.</p><p><blockquote>行业分析师表示，随着经济反弹以及旅行和酒店业需求增加，更多消费者再次以更高的价格依赖打车应用程序。</blockquote></p><p> \"The rise in prices is a classic case of supply and demand. Activities, events and restaurants are opening back up, and people are seeking ride-sharing services at a scale we haven’t seen since before the pandemic,\"&nbsp;Rakuten Intelligence, Vice President of Insights and Analytics David Gill told FOX Business in a statement.</p><p><blockquote>乐天智能表示：“价格上涨是供需的经典案例。活动、事件和餐馆正在重新开放，人们正在寻求拼车服务，其规模是自大流行之前以来从未见过的。”洞察与分析副总裁大卫·吉尔在一份声明中告诉福克斯商业频道。</blockquote></p><p> Drivers, meanwhile, have sought out other avenues for gig work during the pandemic to stay afloat amid slow times. At the height of COVID-19, many drivers faced unsteady earnings with one driver saying he was making just $2.50 an hour due to lack of demand compared to the $200 an hour they were making before the pandemic,Business Insiderreported in April.</p><p><blockquote>与此同时，司机们在疫情期间寻找其他零工途径，以在经济低迷时期维持生计。据《商业内幕》4月份报道，在COVID-19最严重的时候，许多司机面临着不稳定的收入，一名司机表示，由于需求不足，他每小时的收入仅为2.5美元，而大流行前他们的每小时收入为200美元。</blockquote></p><p> \"A lot of drivers shifted their attention to other gig-work during the pandemic to keep money coming in at a time when rides were down, and they haven’t returned at the volume needed to keep up with the new demand. We’re seeing ride-sharing companies invest in incentivizing new drivers, so we’ll see this even out, but it might be weeks or even months before we get there,\" Gill explained.</p><p><blockquote>“在大流行期间，许多司机将注意力转移到其他零工上，以在乘车量减少时保持收入，而且他们还没有恢复到满足新需求所需的数量。我们看到拼车公司投资激励新司机，所以我们会看到这一点，但可能需要几周甚至几个月的时间才能实现，”吉尔解释道。</blockquote></p><p> Indeed,&nbsp;Uber announced in April it was launching a $250 million stimulus to boost earnings for drivers as a way to incentivize workers amid the shortages. The stimulus will go directly to drivers who start driving again and new drivers, the company said.</p><p><blockquote>事实上，Uber在4月份宣布将推出2.5亿美元的刺激计划，以提高司机的收入，以此在短缺的情况下激励工人。该公司表示，刺激措施将直接惠及重新开始驾驶的司机和新司机。</blockquote></p><p> Lyft is also focused on increasing the number of drivers on its platform to meet the higher demand noting that drivers going through the new hire process for the company were up by more than 25% from the end of February, the company reported said on its May 4 earnings call.</p><p><blockquote>Lyft还致力于增加其平台上的司机数量，以满足更高的需求，该公司报告称，该公司正在经历新招聘流程的司机较2月底增加了25%以上。5月4日财报看涨期权。</blockquote></p><p></p>","source":"lsy1610518597439","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ride share prices for Uber, Lyft continue to spike nationwide amid driver shortage, high demand<blockquote>由于司机短缺和高需求，优步和Lyft的乘车股价在全国范围内继续飙升</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRide share prices for Uber, Lyft continue to spike nationwide amid driver shortage, high demand<blockquote>由于司机短缺和高需求，优步和Lyft的乘车股价在全国范围内继续飙升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">foxbusiness</strong><span class=\"h-time small\">2021-06-11 11:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Hailing arideis becoming increasingly expensive for consumers.</p><p><blockquote>对消费者来说，欢迎arideis变得越来越贵。</blockquote></p><p> As ride-share companies likeUberandLyftcombat driver shortages, prices for rides have spiked 40% nationwide, according to data from Rakuten. The surge is hitting big cities like New York, Los Angeles and Chicago especially hard.</p><p><blockquote>乐天的数据显示，随着UberandLyft等拼车公司应对司机短缺，全国范围内的拼车价格飙升了40%。这种激增对纽约、洛杉矶和芝加哥等大城市的打击尤其严重。</blockquote></p><p> Industry analysts say with the economy rebounding and travel and hospitality seeing increased demand, more consumers are once again relying on ride-hailing apps at higher rates.</p><p><blockquote>行业分析师表示，随着经济反弹以及旅行和酒店业需求增加，更多消费者再次以更高的价格依赖打车应用程序。</blockquote></p><p> \"The rise in prices is a classic case of supply and demand. Activities, events and restaurants are opening back up, and people are seeking ride-sharing services at a scale we haven’t seen since before the pandemic,\"&nbsp;Rakuten Intelligence, Vice President of Insights and Analytics David Gill told FOX Business in a statement.</p><p><blockquote>乐天智能表示：“价格上涨是供需的经典案例。活动、事件和餐馆正在重新开放，人们正在寻求拼车服务，其规模是自大流行之前以来从未见过的。”洞察与分析副总裁大卫·吉尔在一份声明中告诉福克斯商业频道。</blockquote></p><p> Drivers, meanwhile, have sought out other avenues for gig work during the pandemic to stay afloat amid slow times. At the height of COVID-19, many drivers faced unsteady earnings with one driver saying he was making just $2.50 an hour due to lack of demand compared to the $200 an hour they were making before the pandemic,Business Insiderreported in April.</p><p><blockquote>与此同时，司机们在疫情期间寻找其他零工途径，以在经济低迷时期维持生计。据《商业内幕》4月份报道，在COVID-19最严重的时候，许多司机面临着不稳定的收入，一名司机表示，由于需求不足，他每小时的收入仅为2.5美元，而大流行前他们的每小时收入为200美元。</blockquote></p><p> \"A lot of drivers shifted their attention to other gig-work during the pandemic to keep money coming in at a time when rides were down, and they haven’t returned at the volume needed to keep up with the new demand. We’re seeing ride-sharing companies invest in incentivizing new drivers, so we’ll see this even out, but it might be weeks or even months before we get there,\" Gill explained.</p><p><blockquote>“在大流行期间，许多司机将注意力转移到其他零工上，以在乘车量减少时保持收入，而且他们还没有恢复到满足新需求所需的数量。我们看到拼车公司投资激励新司机，所以我们会看到这一点，但可能需要几周甚至几个月的时间才能实现，”吉尔解释道。</blockquote></p><p> Indeed,&nbsp;Uber announced in April it was launching a $250 million stimulus to boost earnings for drivers as a way to incentivize workers amid the shortages. The stimulus will go directly to drivers who start driving again and new drivers, the company said.</p><p><blockquote>事实上，Uber在4月份宣布将推出2.5亿美元的刺激计划，以提高司机的收入，以此在短缺的情况下激励工人。该公司表示，刺激措施将直接惠及重新开始驾驶的司机和新司机。</blockquote></p><p> Lyft is also focused on increasing the number of drivers on its platform to meet the higher demand noting that drivers going through the new hire process for the company were up by more than 25% from the end of February, the company reported said on its May 4 earnings call.</p><p><blockquote>Lyft还致力于增加其平台上的司机数量，以满足更高的需求，该公司报告称，该公司正在经历新招聘流程的司机较2月底增加了25%以上。5月4日财报看涨期权。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.foxbusiness.com/economy/ride-share-prices-uber-lyft-spike-nationwide\">foxbusiness</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UBER":"优步","LYFT":"Lyft, Inc."},"source_url":"https://www.foxbusiness.com/economy/ride-share-prices-uber-lyft-spike-nationwide","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117902875","content_text":"Hailing arideis becoming increasingly expensive for consumers.\nAs ride-share companies likeUberandLyftcombat driver shortages, prices for rides have spiked 40% nationwide, according to data from Rakuten. The surge is hitting big cities like New York, Los Angeles and Chicago especially hard.\nIndustry analysts say with the economy rebounding and travel and hospitality seeing increased demand, more consumers are once again relying on ride-hailing apps at higher rates.\n\"The rise in prices is a classic case of supply and demand. Activities, events and restaurants are opening back up, and people are seeking ride-sharing services at a scale we haven’t seen since before the pandemic,\" Rakuten Intelligence, Vice President of Insights and Analytics David Gill told FOX Business in a statement.\nDrivers, meanwhile, have sought out other avenues for gig work during the pandemic to stay afloat amid slow times. At the height of COVID-19, many drivers faced unsteady earnings with one driver saying he was making just $2.50 an hour due to lack of demand compared to the $200 an hour they were making before the pandemic,Business Insiderreported in April.\n\"A lot of drivers shifted their attention to other gig-work during the pandemic to keep money coming in at a time when rides were down, and they haven’t returned at the volume needed to keep up with the new demand. We’re seeing ride-sharing companies invest in incentivizing new drivers, so we’ll see this even out, but it might be weeks or even months before we get there,\" Gill explained.\nIndeed, Uber announced in April it was launching a $250 million stimulus to boost earnings for drivers as a way to incentivize workers amid the shortages. The stimulus will go directly to drivers who start driving again and new drivers, the company said.\nLyft is also focused on increasing the number of drivers on its platform to meet the higher demand noting that drivers going through the new hire process for the company were up by more than 25% from the end of February, the company reported said on its May 4 earnings call.","news_type":1,"symbols_score_info":{"UBER":0.9,"LYFT":0.9}},"isVote":1,"tweetType":1,"viewCount":1578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133327682,"gmtCreate":1621704874346,"gmtModify":1631890829552,"author":{"id":"3571297325761462","authorId":"3571297325761462","name":"Qcumber","avatar":"https://static.tigerbbs.com/9e2e57e4f4eb4b7a08112e384eefa293","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571297325761462","authorIdStr":"3571297325761462"},"themes":[],"htmlText":"<a 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news&nbsp;","listText":"Exciting news&nbsp;","text":"Exciting news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/347293154","repostId":"1194059260","repostType":4,"isVote":1,"tweetType":1,"viewCount":3255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347290664,"gmtCreate":1618495722358,"gmtModify":1634292538886,"author":{"id":"3571297325761462","authorId":"3571297325761462","name":"Qcumber","avatar":"https://static.tigerbbs.com/9e2e57e4f4eb4b7a08112e384eefa293","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571297325761462","authorIdStr":"3571297325761462"},"themes":[],"htmlText":"Wow cool","listText":"Wow cool","text":"Wow cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/347290664","repostId":"2127007082","repostType":4,"isVote":1,"tweetType":1,"viewCount":842,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350182274,"gmtCreate":1616166535398,"gmtModify":1634526896274,"author":{"id":"3571297325761462","authorId":"3571297325761462","name":"Qcumber","avatar":"https://static.tigerbbs.com/9e2e57e4f4eb4b7a08112e384eefa293","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571297325761462","authorIdStr":"3571297325761462"},"themes":[],"htmlText":"Oh my&nbsp;","listText":"Oh my&nbsp;","text":"Oh my","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350182274","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohu8.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350925157,"gmtCreate":1616152498679,"gmtModify":1634526983567,"author":{"id":"3571297325761462","authorId":"3571297325761462","name":"Qcumber","avatar":"https://static.tigerbbs.com/9e2e57e4f4eb4b7a08112e384eefa293","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571297325761462","authorIdStr":"3571297325761462"},"themes":[],"htmlText":"On discount&nbsp;","listText":"On discount&nbsp;","text":"On discount","images":[{"img":"https://static.tigerbbs.com/7b1f8fa7fe2ecd666be395bab24d4de7","width":"750","height":"1880"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350925157","isVote":1,"tweetType":1,"viewCount":580,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":350922233,"gmtCreate":1616152439722,"gmtModify":1634526983819,"author":{"id":"3571297325761462","authorId":"3571297325761462","name":"Qcumber","avatar":"https://static.tigerbbs.com/9e2e57e4f4eb4b7a08112e384eefa293","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571297325761462","authorIdStr":"3571297325761462"},"themes":[],"htmlText":"I see!","listText":"I see!","text":"I see!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350922233","repostId":"1151081973","repostType":4,"isVote":1,"tweetType":1,"viewCount":782,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350922374,"gmtCreate":1616152378798,"gmtModify":1634526983941,"author":{"id":"3571297325761462","authorId":"3571297325761462","name":"Qcumber","avatar":"https://static.tigerbbs.com/9e2e57e4f4eb4b7a08112e384eefa293","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571297325761462","authorIdStr":"3571297325761462"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350922374","repostId":"1197074607","repostType":4,"repost":{"id":"1197074607","kind":"news","pubTimestamp":1616152229,"share":"https://www.laohu8.com/m/news/1197074607?lang=zh_CN&edition=full","pubTime":"2021-03-19 19:10","market":"us","language":"en","title":"Is This Underappreciated Cathie Wood Stock a Better Buy Than Tesla Right Now?<blockquote>这只被低估的Cathie Wood股票现在比特斯拉更值得买入吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197074607","media":"Motley Fool","summary":"It definitely could have more upside potential.Pretty much everybody knows Cathie Wood really likesT","content":"<p>It definitely could have more upside potential.Pretty much everybody knows Cathie Wood really likes<b>Tesla</b>(NASDAQ:TSLA). The ARK Investment Management founder and CEO talks about Tesla regularly. And when the electric-vehicle stock dips, Wood usually buys even more for her high-flying exchange-traded funds.</p><p><blockquote>它肯定有更多的上升潜力。几乎每个人都知道凯西·伍德真的很喜欢<b>特斯拉</b>（纳斯达克：TSLA）。方舟投资管理公司创始人兼首席执行官经常谈论特斯拉。当电动汽车股票下跌时，伍德通常会为她雄心勃勃的交易所交易基金购买更多股票。</blockquote></p><p>Many of the other holdings in the ETFs managed by Wood don't receive as much attention. However, she pointed to one of them earlier this month in a CNBC interview, referring to it as one of the \"most underappreciated\" stocks that she owns.</p><p><blockquote>伍德管理的ETF中的许多其他持股并没有受到那么多关注。然而，她本月早些时候在接受CNBC采访时指出了其中一只股票，称其为她拥有的“最被低估”的股票之一。</blockquote></p><p>What is this underappreciated stock -- and could it be an even better buy than Tesla?</p><p><blockquote>这只被低估的股票是什么——它是否比特斯拉更值得买入？</blockquote></p><p><b>It's in the genes</b></p><p><blockquote><b>这是基因里的</b></blockquote></p><p>Wood singled out medical genetics leader<b>Invitae</b>(NYSE:NVTA)as an especially underappreciated stock. The company states that its mission \"is to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people.\"</p><p><blockquote>伍德特别提到了医学遗传学领导者<b>邀请</b>（纽约证券交易所股票代码：NVTA）是一只特别被低估的股票。该公司表示，其使命“是将全面的遗传信息带入主流医学，以改善数十亿人的医疗保健。”</blockquote></p><p>That's the kind of ambitious goal that excites Cathie Wood. It's not surprising, therefore, that two of the ETFs that she manages have positions in Invitae. The stock is the 11th-largest holding in the<b>ARK Innovation ETF</b>and the 17th-largest holding in the<b>ARK Genomic Revolution ETF</b>.</p><p><blockquote>这就是让凯西·伍德兴奋的雄心勃勃的目标。因此，她管理的两只ETF持有Invitae的头寸也就不足为奇了。该股是该公司第11大持股<b>方舟创新ETF</b>和第17大持股<b>方舟基因组革命ETF</b>.</blockquote></p><p>Invitae offers a wide range of genetic testing. Individuals can determine their risks of passing on genetic conditions to children and the most suitable embryos to help ensure a healthy pregnancy can be identified during in vitro fertilization. Healthcare providers can order genetic diagnostics tests for an extensive and growing list of conditions.</p><p><blockquote>Invitae提供广泛的基因检测。个人可以确定他们将遗传疾病遗传给孩子的风险，以及最合适的胚胎，以帮助确保在体外受精过程中确定健康怀孕。医疗保健提供者可以为越来越多的疾病订购基因诊断测试。</blockquote></p><p>Over the last five years, Invitae's trailing-12-month revenue has skyrocketed over 2,400%. That performance trounces Tesla's revenue growth of around 640% during the same period.</p><p><blockquote>在过去五年中，Invitae过去12个月的收入猛增了2,400%以上。这一业绩超过了特斯拉同期约640%的收入增长。</blockquote></p><p>Unlike Tesla, however, Invitae isn't profitable yet. But the genetic testing companyhas a path to profitabilityover the next few years, especially with the recent acquisitions of ArcherDX and One Codex expanding Invitae's capabilities.</p><p><blockquote>然而，与特斯拉不同的是，Invitae尚未盈利。但这家基因检测公司在未来几年内有一条盈利之路，特别是随着最近收购ArcherDX和One Codex扩大Invitae的能力。</blockquote></p><p><b>A massive potential market</b></p><p><blockquote><b>巨大的潜在市场</b></blockquote></p><p>In the past, the high costs of genetic testing served as a limiting factor for growth in the market. But technological innovations in gene sequencing have reduced the costs of testing and opened the door to a massive potential market.</p><p><blockquote>过去，基因检测的高成本是市场增长的限制因素。但基因测序的技术创新降低了检测成本，打开了巨大潜在市场的大门。</blockquote></p><p>Invitae CEO Sean George told CNBC last week that the scenario for genetic testing is similar to what happened in the computing and networking industry around four decades ago. Lower semiconductor costs back then set the stage for an explosion in the market.</p><p><blockquote>Invitae首席执行官肖恩·乔治(Sean George)上周告诉CNBC，基因检测的情况与大约四十年前计算和网络行业发生的情况类似。当时较低的半导体成本为市场爆炸奠定了基础。</blockquote></p><p>How big could the explosion be in genetic testing? Invitae thinks that its total addressable market tops $150 billion annually. It projects that the genetic testing opportunity in senior adults ages 65 and over alone is around $63 billion. The company estimates that the potential genetic-testing market in adults between the ages of 41 and 65 totals around $60 billion.</p><p><blockquote>基因检测的爆炸会有多大？Invitae认为其潜在市场总额每年超过1500亿美元。它预计，仅65岁及以上老年人的基因检测机会就约为630亿美元。该公司估计，41岁至65岁成年人的潜在基因检测市场总额约为600亿美元。</blockquote></p><p>Invitae believes that it's at an inflection point in the transformation curve for genetic testing. As the company continues to drive costs lower and expands its menu of tests, it expects testing volumes to increase significantly.</p><p><blockquote>Invitae认为，它正处于基因检测转型曲线的拐点。随着该公司继续降低成本并扩大测试菜单，预计测试量将大幅增加。</blockquote></p><p><b>Better than Tesla?</b></p><p><blockquote><b>比特斯拉好？</b></blockquote></p><p>To be sure, Invitae hasn't been as big of a winner as Tesla so far. Over the last five years, thehealthcare stockhas quintupled in value. During the same period, however, Tesla skyrocketed close to 1,500%.</p><p><blockquote>可以肯定的是，到目前为止，Invitae还没有像特斯拉那样成为大赢家。在过去五年中，医疗保健股的价值增长了五倍。然而，在同一时期，特斯拉飙升了近1500%。</blockquote></p><p>But could Invitae be a better pick than Tesla over the long run? When asked in a Bloomberg interview in December which stock could fuel the biggest gains for ARK ETFs over the next five years, Wood acknowledged that Tesla is in the running. However, she also stated, \"The biggest upside surprises are going to come from the genomics space.\"</p><p><blockquote>但从长远来看，Invitae会比特斯拉更好吗？当在去年12月接受彭博社采访时被问及哪只股票可能在未来五年内推动ARK ETF的最大涨幅时，伍德承认特斯拉是其中之一。然而，她也表示，“最大的惊喜将来自基因组学领域。”</blockquote></p><p>That doesn't mean Invitae is necessarily the genomics stock that will emerge as the major surprise winner of the future. It could be, though.</p><p><blockquote>这并不意味着Invitae一定是将成为未来主要意外赢家的基因组学股票。不过，也有可能。</blockquote></p><p>The company's market cap currently stands at only around $8.5 billion. Invitae could potentially be a 10-bagger if it snags a double-digit share of its addressable market. While Tesla has been remarkably successful, it's a stretch to envision the stock becoming a 10-bagger again.</p><p><blockquote>该公司的市值目前仅为85亿美元左右。如果Invitae在其目标市场中占据两位数的份额，它可能会成为10家企业。尽管特斯拉取得了巨大的成功，但想象该股再次成为10袋股还有些牵强。</blockquote></p><p>Invitae just might be a better buy than Tesla right now. Even if it's not, though, there's a really good chance the stock won't remain underappreciated for too much longer.</p><p><blockquote>现在Invitae可能比特斯拉更划算。不过，即使事实并非如此，该股也很有可能不会在太长时间内保持低估状态。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is This Underappreciated Cathie Wood Stock a Better Buy Than Tesla Right Now?<blockquote>这只被低估的Cathie Wood股票现在比特斯拉更值得买入吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs This Underappreciated Cathie Wood Stock a Better Buy Than Tesla Right Now?<blockquote>这只被低估的Cathie Wood股票现在比特斯拉更值得买入吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-03-19 19:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It definitely could have more upside potential.Pretty much everybody knows Cathie Wood really likes<b>Tesla</b>(NASDAQ:TSLA). The ARK Investment Management founder and CEO talks about Tesla regularly. And when the electric-vehicle stock dips, Wood usually buys even more for her high-flying exchange-traded funds.</p><p><blockquote>它肯定有更多的上升潜力。几乎每个人都知道凯西·伍德真的很喜欢<b>特斯拉</b>（纳斯达克：TSLA）。方舟投资管理公司创始人兼首席执行官经常谈论特斯拉。当电动汽车股票下跌时，伍德通常会为她雄心勃勃的交易所交易基金购买更多股票。</blockquote></p><p>Many of the other holdings in the ETFs managed by Wood don't receive as much attention. However, she pointed to one of them earlier this month in a CNBC interview, referring to it as one of the \"most underappreciated\" stocks that she owns.</p><p><blockquote>伍德管理的ETF中的许多其他持股并没有受到那么多关注。然而，她本月早些时候在接受CNBC采访时指出了其中一只股票，称其为她拥有的“最被低估”的股票之一。</blockquote></p><p>What is this underappreciated stock -- and could it be an even better buy than Tesla?</p><p><blockquote>这只被低估的股票是什么——它是否比特斯拉更值得买入？</blockquote></p><p><b>It's in the genes</b></p><p><blockquote><b>这是基因里的</b></blockquote></p><p>Wood singled out medical genetics leader<b>Invitae</b>(NYSE:NVTA)as an especially underappreciated stock. The company states that its mission \"is to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people.\"</p><p><blockquote>伍德特别提到了医学遗传学领导者<b>邀请</b>（纽约证券交易所股票代码：NVTA）是一只特别被低估的股票。该公司表示，其使命“是将全面的遗传信息带入主流医学，以改善数十亿人的医疗保健。”</blockquote></p><p>That's the kind of ambitious goal that excites Cathie Wood. It's not surprising, therefore, that two of the ETFs that she manages have positions in Invitae. The stock is the 11th-largest holding in the<b>ARK Innovation ETF</b>and the 17th-largest holding in the<b>ARK Genomic Revolution ETF</b>.</p><p><blockquote>这就是让凯西·伍德兴奋的雄心勃勃的目标。因此，她管理的两只ETF持有Invitae的头寸也就不足为奇了。该股是该公司第11大持股<b>方舟创新ETF</b>和第17大持股<b>方舟基因组革命ETF</b>.</blockquote></p><p>Invitae offers a wide range of genetic testing. Individuals can determine their risks of passing on genetic conditions to children and the most suitable embryos to help ensure a healthy pregnancy can be identified during in vitro fertilization. Healthcare providers can order genetic diagnostics tests for an extensive and growing list of conditions.</p><p><blockquote>Invitae提供广泛的基因检测。个人可以确定他们将遗传疾病遗传给孩子的风险，以及最合适的胚胎，以帮助确保在体外受精过程中确定健康怀孕。医疗保健提供者可以为越来越多的疾病订购基因诊断测试。</blockquote></p><p>Over the last five years, Invitae's trailing-12-month revenue has skyrocketed over 2,400%. That performance trounces Tesla's revenue growth of around 640% during the same period.</p><p><blockquote>在过去五年中，Invitae过去12个月的收入猛增了2,400%以上。这一业绩超过了特斯拉同期约640%的收入增长。</blockquote></p><p>Unlike Tesla, however, Invitae isn't profitable yet. But the genetic testing companyhas a path to profitabilityover the next few years, especially with the recent acquisitions of ArcherDX and One Codex expanding Invitae's capabilities.</p><p><blockquote>然而，与特斯拉不同的是，Invitae尚未盈利。但这家基因检测公司在未来几年内有一条盈利之路，特别是随着最近收购ArcherDX和One Codex扩大Invitae的能力。</blockquote></p><p><b>A massive potential market</b></p><p><blockquote><b>巨大的潜在市场</b></blockquote></p><p>In the past, the high costs of genetic testing served as a limiting factor for growth in the market. But technological innovations in gene sequencing have reduced the costs of testing and opened the door to a massive potential market.</p><p><blockquote>过去，基因检测的高成本是市场增长的限制因素。但基因测序的技术创新降低了检测成本，打开了巨大潜在市场的大门。</blockquote></p><p>Invitae CEO Sean George told CNBC last week that the scenario for genetic testing is similar to what happened in the computing and networking industry around four decades ago. Lower semiconductor costs back then set the stage for an explosion in the market.</p><p><blockquote>Invitae首席执行官肖恩·乔治(Sean George)上周告诉CNBC，基因检测的情况与大约四十年前计算和网络行业发生的情况类似。当时较低的半导体成本为市场爆炸奠定了基础。</blockquote></p><p>How big could the explosion be in genetic testing? Invitae thinks that its total addressable market tops $150 billion annually. It projects that the genetic testing opportunity in senior adults ages 65 and over alone is around $63 billion. The company estimates that the potential genetic-testing market in adults between the ages of 41 and 65 totals around $60 billion.</p><p><blockquote>基因检测的爆炸会有多大？Invitae认为其潜在市场总额每年超过1500亿美元。它预计，仅65岁及以上老年人的基因检测机会就约为630亿美元。该公司估计，41岁至65岁成年人的潜在基因检测市场总额约为600亿美元。</blockquote></p><p>Invitae believes that it's at an inflection point in the transformation curve for genetic testing. As the company continues to drive costs lower and expands its menu of tests, it expects testing volumes to increase significantly.</p><p><blockquote>Invitae认为，它正处于基因检测转型曲线的拐点。随着该公司继续降低成本并扩大测试菜单，预计测试量将大幅增加。</blockquote></p><p><b>Better than Tesla?</b></p><p><blockquote><b>比特斯拉好？</b></blockquote></p><p>To be sure, Invitae hasn't been as big of a winner as Tesla so far. Over the last five years, thehealthcare stockhas quintupled in value. During the same period, however, Tesla skyrocketed close to 1,500%.</p><p><blockquote>可以肯定的是，到目前为止，Invitae还没有像特斯拉那样成为大赢家。在过去五年中，医疗保健股的价值增长了五倍。然而，在同一时期，特斯拉飙升了近1500%。</blockquote></p><p>But could Invitae be a better pick than Tesla over the long run? When asked in a Bloomberg interview in December which stock could fuel the biggest gains for ARK ETFs over the next five years, Wood acknowledged that Tesla is in the running. However, she also stated, \"The biggest upside surprises are going to come from the genomics space.\"</p><p><blockquote>但从长远来看，Invitae会比特斯拉更好吗？当在去年12月接受彭博社采访时被问及哪只股票可能在未来五年内推动ARK ETF的最大涨幅时，伍德承认特斯拉是其中之一。然而，她也表示，“最大的惊喜将来自基因组学领域。”</blockquote></p><p>That doesn't mean Invitae is necessarily the genomics stock that will emerge as the major surprise winner of the future. It could be, though.</p><p><blockquote>这并不意味着Invitae一定是将成为未来主要意外赢家的基因组学股票。不过，也有可能。</blockquote></p><p>The company's market cap currently stands at only around $8.5 billion. Invitae could potentially be a 10-bagger if it snags a double-digit share of its addressable market. While Tesla has been remarkably successful, it's a stretch to envision the stock becoming a 10-bagger again.</p><p><blockquote>该公司的市值目前仅为85亿美元左右。如果Invitae在其目标市场中占据两位数的份额，它可能会成为10家企业。尽管特斯拉取得了巨大的成功，但想象该股再次成为10袋股还有些牵强。</blockquote></p><p>Invitae just might be a better buy than Tesla right now. Even if it's not, though, there's a really good chance the stock won't remain underappreciated for too much longer.</p><p><blockquote>现在Invitae可能比特斯拉更划算。不过，即使事实并非如此，该股也很有可能不会在太长时间内保持低估状态。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/19/is-this-underappreciated-cathie-wood-stock-a-bette/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.fool.com/investing/2021/03/19/is-this-underappreciated-cathie-wood-stock-a-bette/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197074607","content_text":"It definitely could have more upside potential.Pretty much everybody knows Cathie Wood really likesTesla(NASDAQ:TSLA). The ARK Investment Management founder and CEO talks about Tesla regularly. And when the electric-vehicle stock dips, Wood usually buys even more for her high-flying exchange-traded funds.Many of the other holdings in the ETFs managed by Wood don't receive as much attention. However, she pointed to one of them earlier this month in a CNBC interview, referring to it as one of the \"most underappreciated\" stocks that she owns.What is this underappreciated stock -- and could it be an even better buy than Tesla?It's in the genesWood singled out medical genetics leaderInvitae(NYSE:NVTA)as an especially underappreciated stock. The company states that its mission \"is to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people.\"That's the kind of ambitious goal that excites Cathie Wood. It's not surprising, therefore, that two of the ETFs that she manages have positions in Invitae. The stock is the 11th-largest holding in theARK Innovation ETFand the 17th-largest holding in theARK Genomic Revolution ETF.Invitae offers a wide range of genetic testing. Individuals can determine their risks of passing on genetic conditions to children and the most suitable embryos to help ensure a healthy pregnancy can be identified during in vitro fertilization. Healthcare providers can order genetic diagnostics tests for an extensive and growing list of conditions.Over the last five years, Invitae's trailing-12-month revenue has skyrocketed over 2,400%. That performance trounces Tesla's revenue growth of around 640% during the same period.Unlike Tesla, however, Invitae isn't profitable yet. But the genetic testing companyhas a path to profitabilityover the next few years, especially with the recent acquisitions of ArcherDX and One Codex expanding Invitae's capabilities.A massive potential marketIn the past, the high costs of genetic testing served as a limiting factor for growth in the market. But technological innovations in gene sequencing have reduced the costs of testing and opened the door to a massive potential market.Invitae CEO Sean George told CNBC last week that the scenario for genetic testing is similar to what happened in the computing and networking industry around four decades ago. Lower semiconductor costs back then set the stage for an explosion in the market.How big could the explosion be in genetic testing? Invitae thinks that its total addressable market tops $150 billion annually. It projects that the genetic testing opportunity in senior adults ages 65 and over alone is around $63 billion. The company estimates that the potential genetic-testing market in adults between the ages of 41 and 65 totals around $60 billion.Invitae believes that it's at an inflection point in the transformation curve for genetic testing. As the company continues to drive costs lower and expands its menu of tests, it expects testing volumes to increase significantly.Better than Tesla?To be sure, Invitae hasn't been as big of a winner as Tesla so far. Over the last five years, thehealthcare stockhas quintupled in value. During the same period, however, Tesla skyrocketed close to 1,500%.But could Invitae be a better pick than Tesla over the long run? When asked in a Bloomberg interview in December which stock could fuel the biggest gains for ARK ETFs over the next five years, Wood acknowledged that Tesla is in the running. However, she also stated, \"The biggest upside surprises are going to come from the genomics space.\"That doesn't mean Invitae is necessarily the genomics stock that will emerge as the major surprise winner of the future. It could be, though.The company's market cap currently stands at only around $8.5 billion. Invitae could potentially be a 10-bagger if it snags a double-digit share of its addressable market. While Tesla has been remarkably successful, it's a stretch to envision the stock becoming a 10-bagger again.Invitae just might be a better buy than Tesla right now. Even if it's not, though, there's a really good chance the stock won't remain underappreciated for too much 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cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/181688828","repostId":"1117902875","repostType":4,"repost":{"id":"1117902875","kind":"news","pubTimestamp":1623383049,"share":"https://www.laohu8.com/m/news/1117902875?lang=zh_CN&edition=full","pubTime":"2021-06-11 11:44","market":"us","language":"en","title":"Ride share prices for Uber, Lyft continue to spike nationwide amid driver shortage, high demand<blockquote>由于司机短缺和高需求，优步和Lyft的乘车股价在全国范围内继续飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117902875","media":"foxbusiness","summary":"Hailing arideis becoming increasingly expensive for consumers.\nAs ride-share companies likeUberandLy","content":"<p>Hailing arideis becoming increasingly expensive for consumers.</p><p><blockquote>对消费者来说，欢迎arideis变得越来越贵。</blockquote></p><p> As ride-share companies likeUberandLyftcombat driver shortages, prices for rides have spiked 40% nationwide, according to data from Rakuten. The surge is hitting big cities like New York, Los Angeles and Chicago especially hard.</p><p><blockquote>乐天的数据显示，随着UberandLyft等拼车公司应对司机短缺，全国范围内的拼车价格飙升了40%。这种激增对纽约、洛杉矶和芝加哥等大城市的打击尤其严重。</blockquote></p><p> Industry analysts say with the economy rebounding and travel and hospitality seeing increased demand, more consumers are once again relying on ride-hailing apps at higher rates.</p><p><blockquote>行业分析师表示，随着经济反弹以及旅行和酒店业需求增加，更多消费者再次以更高的价格依赖打车应用程序。</blockquote></p><p> \"The rise in prices is a classic case of supply and demand. Activities, events and restaurants are opening back up, and people are seeking ride-sharing services at a scale we haven’t seen since before the pandemic,\"&nbsp;Rakuten Intelligence, Vice President of Insights and Analytics David Gill told FOX Business in a statement.</p><p><blockquote>乐天智能表示：“价格上涨是供需的经典案例。活动、事件和餐馆正在重新开放，人们正在寻求拼车服务，其规模是自大流行之前以来从未见过的。”洞察与分析副总裁大卫·吉尔在一份声明中告诉福克斯商业频道。</blockquote></p><p> Drivers, meanwhile, have sought out other avenues for gig work during the pandemic to stay afloat amid slow times. At the height of COVID-19, many drivers faced unsteady earnings with one driver saying he was making just $2.50 an hour due to lack of demand compared to the $200 an hour they were making before the pandemic,Business Insiderreported in April.</p><p><blockquote>与此同时，司机们在疫情期间寻找其他零工途径，以在经济低迷时期维持生计。据《商业内幕》4月份报道，在COVID-19最严重的时候，许多司机面临着不稳定的收入，一名司机表示，由于需求不足，他每小时的收入仅为2.5美元，而大流行前他们的每小时收入为200美元。</blockquote></p><p> \"A lot of drivers shifted their attention to other gig-work during the pandemic to keep money coming in at a time when rides were down, and they haven’t returned at the volume needed to keep up with the new demand. We’re seeing ride-sharing companies invest in incentivizing new drivers, so we’ll see this even out, but it might be weeks or even months before we get there,\" Gill explained.</p><p><blockquote>“在大流行期间，许多司机将注意力转移到其他零工上，以在乘车量减少时保持收入，而且他们还没有恢复到满足新需求所需的数量。我们看到拼车公司投资激励新司机，所以我们会看到这一点，但可能需要几周甚至几个月的时间才能实现，”吉尔解释道。</blockquote></p><p> Indeed,&nbsp;Uber announced in April it was launching a $250 million stimulus to boost earnings for drivers as a way to incentivize workers amid the shortages. The stimulus will go directly to drivers who start driving again and new drivers, the company said.</p><p><blockquote>事实上，Uber在4月份宣布将推出2.5亿美元的刺激计划，以提高司机的收入，以此在短缺的情况下激励工人。该公司表示，刺激措施将直接惠及重新开始驾驶的司机和新司机。</blockquote></p><p> Lyft is also focused on increasing the number of drivers on its platform to meet the higher demand noting that drivers going through the new hire process for the company were up by more than 25% from the end of February, the company reported said on its May 4 earnings call.</p><p><blockquote>Lyft还致力于增加其平台上的司机数量，以满足更高的需求，该公司报告称，该公司正在经历新招聘流程的司机较2月底增加了25%以上。5月4日财报看涨期权。</blockquote></p><p></p>","source":"lsy1610518597439","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ride share prices for Uber, Lyft continue to spike nationwide amid driver shortage, high demand<blockquote>由于司机短缺和高需求，优步和Lyft的乘车股价在全国范围内继续飙升</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRide share prices for Uber, Lyft continue to spike nationwide amid driver shortage, high demand<blockquote>由于司机短缺和高需求，优步和Lyft的乘车股价在全国范围内继续飙升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">foxbusiness</strong><span class=\"h-time small\">2021-06-11 11:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Hailing arideis becoming increasingly expensive for consumers.</p><p><blockquote>对消费者来说，欢迎arideis变得越来越贵。</blockquote></p><p> As ride-share companies likeUberandLyftcombat driver shortages, prices for rides have spiked 40% nationwide, according to data from Rakuten. The surge is hitting big cities like New York, Los Angeles and Chicago especially hard.</p><p><blockquote>乐天的数据显示，随着UberandLyft等拼车公司应对司机短缺，全国范围内的拼车价格飙升了40%。这种激增对纽约、洛杉矶和芝加哥等大城市的打击尤其严重。</blockquote></p><p> Industry analysts say with the economy rebounding and travel and hospitality seeing increased demand, more consumers are once again relying on ride-hailing apps at higher rates.</p><p><blockquote>行业分析师表示，随着经济反弹以及旅行和酒店业需求增加，更多消费者再次以更高的价格依赖打车应用程序。</blockquote></p><p> \"The rise in prices is a classic case of supply and demand. Activities, events and restaurants are opening back up, and people are seeking ride-sharing services at a scale we haven’t seen since before the pandemic,\"&nbsp;Rakuten Intelligence, Vice President of Insights and Analytics David Gill told FOX Business in a statement.</p><p><blockquote>乐天智能表示：“价格上涨是供需的经典案例。活动、事件和餐馆正在重新开放，人们正在寻求拼车服务，其规模是自大流行之前以来从未见过的。”洞察与分析副总裁大卫·吉尔在一份声明中告诉福克斯商业频道。</blockquote></p><p> Drivers, meanwhile, have sought out other avenues for gig work during the pandemic to stay afloat amid slow times. At the height of COVID-19, many drivers faced unsteady earnings with one driver saying he was making just $2.50 an hour due to lack of demand compared to the $200 an hour they were making before the pandemic,Business Insiderreported in April.</p><p><blockquote>与此同时，司机们在疫情期间寻找其他零工途径，以在经济低迷时期维持生计。据《商业内幕》4月份报道，在COVID-19最严重的时候，许多司机面临着不稳定的收入，一名司机表示，由于需求不足，他每小时的收入仅为2.5美元，而大流行前他们的每小时收入为200美元。</blockquote></p><p> \"A lot of drivers shifted their attention to other gig-work during the pandemic to keep money coming in at a time when rides were down, and they haven’t returned at the volume needed to keep up with the new demand. We’re seeing ride-sharing companies invest in incentivizing new drivers, so we’ll see this even out, but it might be weeks or even months before we get there,\" Gill explained.</p><p><blockquote>“在大流行期间，许多司机将注意力转移到其他零工上，以在乘车量减少时保持收入，而且他们还没有恢复到满足新需求所需的数量。我们看到拼车公司投资激励新司机，所以我们会看到这一点，但可能需要几周甚至几个月的时间才能实现，”吉尔解释道。</blockquote></p><p> Indeed,&nbsp;Uber announced in April it was launching a $250 million stimulus to boost earnings for drivers as a way to incentivize workers amid the shortages. The stimulus will go directly to drivers who start driving again and new drivers, the company said.</p><p><blockquote>事实上，Uber在4月份宣布将推出2.5亿美元的刺激计划，以提高司机的收入，以此在短缺的情况下激励工人。该公司表示，刺激措施将直接惠及重新开始驾驶的司机和新司机。</blockquote></p><p> Lyft is also focused on increasing the number of drivers on its platform to meet the higher demand noting that drivers going through the new hire process for the company were up by more than 25% from the end of February, the company reported said on its May 4 earnings call.</p><p><blockquote>Lyft还致力于增加其平台上的司机数量，以满足更高的需求，该公司报告称，该公司正在经历新招聘流程的司机较2月底增加了25%以上。5月4日财报看涨期权。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.foxbusiness.com/economy/ride-share-prices-uber-lyft-spike-nationwide\">foxbusiness</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UBER":"优步","LYFT":"Lyft, Inc."},"source_url":"https://www.foxbusiness.com/economy/ride-share-prices-uber-lyft-spike-nationwide","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117902875","content_text":"Hailing arideis becoming increasingly expensive for consumers.\nAs ride-share companies likeUberandLyftcombat driver shortages, prices for rides have spiked 40% nationwide, according to data from Rakuten. The surge is hitting big cities like New York, Los Angeles and Chicago especially hard.\nIndustry analysts say with the economy rebounding and travel and hospitality seeing increased demand, more consumers are once again relying on ride-hailing apps at higher rates.\n\"The rise in prices is a classic case of supply and demand. Activities, events and restaurants are opening back up, and people are seeking ride-sharing services at a scale we haven’t seen since before the pandemic,\" Rakuten Intelligence, Vice President of Insights and Analytics David Gill told FOX Business in a statement.\nDrivers, meanwhile, have sought out other avenues for gig work during the pandemic to stay afloat amid slow times. At the height of COVID-19, many drivers faced unsteady earnings with one driver saying he was making just $2.50 an hour due to lack of demand compared to the $200 an hour they were making before the pandemic,Business Insiderreported in April.\n\"A lot of drivers shifted their attention to other gig-work during the pandemic to keep money coming in at a time when rides were down, and they haven’t returned at the volume needed to keep up with the new demand. We’re seeing ride-sharing companies invest in incentivizing new drivers, so we’ll see this even out, but it might be weeks or even months before we get there,\" Gill explained.\nIndeed, Uber announced in April it was launching a $250 million stimulus to boost earnings for drivers as a way to incentivize workers amid the shortages. The stimulus will go directly to drivers who start driving again and new drivers, the company said.\nLyft is also focused on increasing the number of drivers on its platform to meet the higher demand noting that drivers going through the new hire process for the company were up by more than 25% from the end of February, the company reported said on its May 4 earnings call.","news_type":1,"symbols_score_info":{"UBER":0.9,"LYFT":0.9}},"isVote":1,"tweetType":1,"viewCount":1578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350182274,"gmtCreate":1616166535398,"gmtModify":1634526896274,"author":{"id":"3571297325761462","authorId":"3571297325761462","name":"Qcumber","avatar":"https://static.tigerbbs.com/9e2e57e4f4eb4b7a08112e384eefa293","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571297325761462","authorIdStr":"3571297325761462"},"themes":[],"htmlText":"Oh my&nbsp;","listText":"Oh my&nbsp;","text":"Oh my","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350182274","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohu8.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-19 22:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347291641,"gmtCreate":1618495809583,"gmtModify":1631890829565,"author":{"id":"3571297325761462","authorId":"3571297325761462","name":"Qcumber","avatar":"https://static.tigerbbs.com/9e2e57e4f4eb4b7a08112e384eefa293","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571297325761462","authorIdStr":"3571297325761462"},"themes":[],"htmlText":"🙏🏻🙏🏻🙏🏻","listText":"🙏🏻🙏🏻🙏🏻","text":"🙏🏻🙏🏻🙏🏻","images":[{"img":"https://static.tigerbbs.com/7f2598ec3db21908dcd9a3013c1b99f2","width":"750","height":"2354"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/347291641","isVote":1,"tweetType":1,"viewCount":1776,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":347290664,"gmtCreate":1618495722358,"gmtModify":1634292538886,"author":{"id":"3571297325761462","authorId":"3571297325761462","name":"Qcumber","avatar":"https://static.tigerbbs.com/9e2e57e4f4eb4b7a08112e384eefa293","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571297325761462","authorIdStr":"3571297325761462"},"themes":[],"htmlText":"Wow cool","listText":"Wow cool","text":"Wow cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/347290664","repostId":"2127007082","repostType":4,"isVote":1,"tweetType":1,"viewCount":842,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":361958495,"gmtCreate":1614190127817,"gmtModify":1634550785844,"author":{"id":"3571297325761462","authorId":"3571297325761462","name":"Qcumber","avatar":"https://static.tigerbbs.com/9e2e57e4f4eb4b7a08112e384eefa293","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571297325761462","authorIdStr":"3571297325761462"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/361958495","repostId":"1138795890","repostType":4,"isVote":1,"tweetType":1,"viewCount":533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}