by Tyler Durden Friday, Mar 05, 2021 - 02:50 PM There is a reason why we highlighted the earlier report from Politico that FDIC Chair Jelena McWilliams said it doesn’t seem as though banking agencies need to extend the SLR extension. This matters because as we first explained two days ago in "The SLR Is All That Matters For Markets Right Now", and as Bloomberg's Edward Bolingbroke writes this afternoon, the market is unhappy with the potential risk that bank balance sheets will become significantly more constrained after April 1 (when the SLR ratio will return all else equal and holding excess TSYs will be punished by regulators) and as a result long-end dollar swap spreads have collapsed "