by Tyler Durden Tuesday, Mar 16, 2021 - 09:24 PM Two weeks ago, just before Fed Chair Powell's final public appearance before tomorrow's FOMC meeting we addressed the $6.4 trillion elephant in the room: the status of Supplemental Liquidity Ratio, or SLR, and specifically whether or not banks would be granted relief in the form of an extension on this critical leverage ratio when it expires on March 31, one year after the SLR ratio was eliminated to give banks the needed capacity to expand their balance sheets at the peak of the covid crisis so they can soak up the trillions in reserves and excess deposits that the Fed was set to unleash. Unfortunately, even though we explained "Why The SLR Is All That Matters For Markets Right Now", Powell failed to address this critical topic, with markets assuming that the Fed chair was simply punting it to Wednesday's Fed meeting.