[oarabbus_]

10 year bills are way cheaper because of the interest rate risk. You have to hold an unrealized/paper loss if rates move against you, but eventually you will realize the face value after 10 years.

This is why bond investors who aren't yield chasing would never overleverage into these.

At the _very_ least the fed announced interest rate rises in March of 2022 (with updates in June, Sept, Nov/Dec) and SVB could've worked out some kind of short-term credit deal with a JP Morgan type last year. Instead they did nothing but sat on assets which they knew would drop over 20% market value in a year while not ensuring short-term liquidity.