Short answer is we didn’t pay attention to it but we do now and we always measured it. That’s how SVB’s issues were flagged in 2021 [1]. (The systemic solution will be re-defining HQLAs in the LCR to reflect market value [2].)

[1] https://www.nytimes.com/2023/03/19/business/economy/fed-sili...

[2] https://www.richmondfed.org/-/media/richmondfedorg/publicati...