[C210N]

My only concern is how much the Federal Reserve has available for the BTFP program.

Just as the problem banks, SVB, Signature, et-al have the Unrealized Losses problem, so does the FED - well over $1 T.

[DannyTN]

Unlike a bank, There is no reason the FED can’t hold to maturity.

So if they are upside down on securities they hold, it doesn’t matter, because the loss will go away as they approach maturity.