by Tyler Durden Friday, Mar 05, 2021 - 11:35 AM It's almost as if the Biden administration and some of the most progressive Democrats out there, want the market to crash. As a reminder to readers, the biggest reason why yields surged yesterday during Powell's pow-wow is because the Fed chair refused to address the topic everyone has been obsessing over, namely what will be the fate of the SLR exemption which expires at the end of the month and which, unless renewed, will lead to dramatic balance sheet shrinkage across US banks leading to a violent deleveraging as banks are forced to dump bonds accelerating what is already a violent selloff in rates (read our full discussion on the SLR in "Why The SLR Is All That Matters For Markets Right Now").