Five and ten year US bonds have had lost less value than the three year bond in the past 8 months, so that doesn't seem sufficient to explain it (i.e. it makes

Five and ten year US bonds have had lost less value than the three year bond in the past 8 months, so that doesn't seem sufficient to explain it (i.e. it makes the difference worse). That said, I was very loose in my calculations. Without exact knowledge of their holdings and careful calculations, I'm not surprised that the numbers don't fully add up.