99.9% chance there will be NO interest rate cuts in June

🚨Don’t focus too much on rate cuts🚨

Focus on the Supplementary Leverage Ratio (SLR)

It limits bank leverage.

But when bonds start collapsing, they’ll tweak the rule again. So banks can buy unlimited bonds and backstop the collapsing bond market.

That’s how they’ll inject liquidity without calling it QE.