Exactly. If you have a portfolio of 100% HTM bonds, your income schedule is completely predictable, down to the cent at every moment in time. But your deposit

Exactly. If you have a portfolio of 100% HTM bonds, your income schedule is completely predictable, down to the cent at every moment in time. But your deposit demand is unpredictable and must be modeled. I don’t think even Taleb would have the scenario of “on Friday, you’ll lose $40b of deposits.” The bank would have had to be sitting on billions of T-bills, which ain’t gonna happen. It seems like every bank is a tweet away from destruction.