exactly, and normally they borrow from other banks rather than the Fed, which the fed prefers. I believe the Fed only serves as the lender of last resort. The

exactly, and normally they borrow from other banks rather than the Fed, which the fed prefers. I believe the Fed only serves as the lender of last resort. The carry trade is nothing new either, it's often used for example when borrowing rates in other countries are favorable compared to rates on US treasuries.