Why Is the Fed Buying Treasuries and Mortgage-Backed Securities?

The Fed was buying almost everything they weren't buying when rates were at record lows. They bought these bonds and then inflation happened, so they had to raise rates too. Why would a bank knowing that interest rates are not going to stay at zero forever? It seems rather logical that you would maybe diversify a little bit. But as I said, normally banks do have longer-term assets but there was a lot they could have done to shorten the duration.

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