The two examples were the UK and the USA. I would argue that two points do not make a straight line: - For the US central bank, it seems like the story is just

The two examples were the UK and the USA. I would argue that two points do not make a straight line: - For the US central bank, it seems like the story is just as described. They are taking lumps now as interest rates rise, but the dollar has only grown in strength (relatively) and losses will more than likely be offset (arguably have been already by decades of profitability). - I would assume the UK case is entirely different. They are finally seeing the other shoe drop on Brexit. The last foreign Pounds have all been cashed out as a result of the war and there is no demand for them. So all their assets have permanently been devalued.