US Bank Bonds’ 2026 Outlook, Relative Valuation: Credit Outlook
Citigroup and JPMorgan trail big US peers in surplus bail-in debt, so the lenders could gain from a potential drop in their key constraint, the 4.5% debt requirement in case of bank failure. Such relief could happen if the Federal Reserve eases the related 5% supplementary leverage ratio (SLR) requirement for going concerns as part of the Trump administration's deregulatory push.