ISDA pitching the Fed, FDIC and OCC this week to exclude USTs from SLR for gSIBs is peak signal. Awful UST auctions where primary dealers had to step into by Auntie Yelen’s paper.  Link has all the detail but this indirect QE incoming so more tailwind for NGU.  

https://www.isda.org/a/h3sgE/ISDA-Submits-Letter-to-US-Agencies-on-SLR-Reform.pdf