Silicon Valley Bank

In many cases, like at Silicon Valley Bank, those long-duration bonds were something like a 10-year bond that was yielding about 1.5%. If you're in a 0% interest rate and you can earn 1.5%, that's pretty good. But when the Fed jacked up interest rates at the fastest pace in history, those bonds now traded at less than what they were bought for. That means that you have an unrealized loss. And so the bank was doing this with tens of billions of dollars. The problem is that if everyone shows up to the bank and says, I want my money back, then the bank is forced to sell the bonds on their balance sheet