You know what else is below inflation? The rates SVB has to pay its depositors. As long as the rate is > 0, which is the rate SVB will pay its depositors, there

You know what else is below inflation? The rates SVB has to pay its depositors. As long as the rate is > 0, which is the rate SVB will pay its depositors, there’s no reason the Feds should take any hits. As long as the rates on the bond are > than the rates SVB is paying its depositors it will be fine.