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Bearish but Priced In
The Compound and Friends
The Fed's Unrealized Portfolio Losses
The Fed is sitting on a trillion dollars in unrealized portfolio losses. Because QE was done when rates were 1% 2% so they bought bonds at low interest rates Yes, and now they're paying four and three quarters on excess reserves And so the Fed is as upside down as any bank So the whole system maturity though they will but The Fed will never have to sell those okay.
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