The Fed's Bailout of Silicon Valley Bank

The Fed set up the bank term funding program when Silicon Valley Bank and Silicon Valley Bank failed. This facility allows banks to exchange assets such as US Treasuries for cash, which really means reserves at their full face amount regardless of the current market value. The loans are for up to one year with an interest rate basically of 4.83%. And so the borrowing has been fast and furious at this facility. But what is this? They're squeezing them. It's a negative arbitrage and they're squeezing it.