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See, when we went into Covid lockdown, the stock and bond and even US Treasury markets became dysfunctional for weeks. As you likely well know. The Fed's response included massive money printing, buying US Treasuries, and removing reserve requirements.

They also removed US Treasuries from the SLR calculations for a couple of years.

Uh oh.

The Fed opened the door.

And now the Big Bad Bank Camel's head is in the regulatory tent.

But what will the Fed do?

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