True but that doesn't happen all at once. Rates have been rising for more than a year now (not in a straight line but overall of course). They could have unwo

True but that doesn't happen all at once. Rates have been rising for more than a year now (not in a straight line but overall of course). They could have unwound this carry trade in March 2022 and probably come out ahead. Had they waited until summer 2022 they probably would have had a small loss. As it turns out though they held on for bigger losses.