In this conversation, J.P. Morgan Research analysts Alex Roever, Kabir Caprihan, Mike Feroli, Jay Barry, Josh Younger, and Teresa Ho  discuss the upcoming expiration of the carve-out of reserves and Treasuries from the Supplementary Leverage Ratio, and the implications for rates and credit markets under various scenarios.

This podcast was recorded on March 12 and 15, 2021.  A portion of this episode is excerpted from a conference call for institutional clients of J.P. Morgan held on March 12, 2021; clients can access a replay of the full call at www.jpmm.com/research/content/CFP-PC-5303-0.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-3675636-0 more information; please visit www.jpmm.com/research/disclosures for important disclosures. A version of this podcast was previously disseminated to institutional clients with the title “Podcast: Still Waiting on SLR: March 12, 2021.” © 2021 JPMorgan Chase & Co. All rights reserved.