They did not buy everything in one day long before the Fed moved. The moves by the Fed were well telegraphed in advance and once the initial hike was done it w

They did not buy everything in one day long before the Fed moved. The moves by the Fed were well telegraphed in advance and once the initial hike was done it was off to the races so to speak. SVB had many opportunities to do hedge and honestly, why on earth should bank or anyone else "take the Fed at their word". People make mistakes, institutions make mistakes, people misunderstand and on and on.