A layered exhaust treatment catalyst comprising: (a) a carrier such as cordierite; (b) a first layer deposited on the carrier comprising a palladium metal component, a platinum metal component and an oxygen storage component such as ceria supported on a refractory metal oxide such as gamma-alumina; and (c) a second layer deposited on the first layer comprising a rhodium metal component, a platinum metal component and an oxygen storage component such as ceria supported on a refractory metal oxide such as gamma-alumina. Preferably, the catalyst also includes a bottom layer interposed between the carrier and the first layer. The bottom layer comprises an oxygen storage component such as ceria supported on a refractory metal oxide such as gamma-alumina. The amount of the oxygen storage component of the catalyst may be “tuned”, i.e., adjusted, to meet the needs of a vehicle's on-board diagnostic (“OBD”) catalyst efficiency monitoring system, without adversely affecting the performance of the catalyst.