The Fed's Backstop on the Banking Sector

S V B invested in high quality liquid assets, largely treasury securities. When interest rates were at all time lows, they didn't have hedges in place for those assets. There was certainly a risk management failure as relates to that interest rate risk. And so when you look at the banking sector as a whole, there are quite a lot of fair value losses on these securities. The Fed seen that again, very lots of specific factors, idiosyncratic factors,. also recognize that other banks, if forced to crystallize these losses would find themselves in a similar situation.