the advantage is in theory, you don't have to report changes on your balance sheet to your held to maturity assets. So it sort of reduces volatility and what you report in your financial statements. You don't mark the assets to market. You certainly don't mark them to market and the changes don't affect your capital. They don't affect your earnings. It's like reverse depreciation over time. And if you say you have a bunch of treasuries in held to maturity, the market can see, okay, rates went up 5%. The market has a sense of how to value that. But it does, your accountants are going to limit what you can do. They can still be hedged. All this can be hedged, but it just, in theory, it affects the accounting. I don't know how much that was really at play because you can have unrealized losses in both categories. And the market's going to be aware of it, especially when it's treasuries. And you can sell stuff out of your held to maturity book, but then your accountants are going to make (12/36)
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