Capital Planning - Is the SLR Really Binding?

I think it's a little bit of a misnomer to say that balance sheet constraints were strictly binding last March, meaning banks simply ran out of capacity. The issue here is that we're coming into the end of this period with less buffer at an institutional level than was true early last year. But the risk is all else being equal if banks have less flexibility in the way they allocate that balance sheet. And so, you know, that's where the real risk factors lie in practice.