HE HELD FOURTEEN BILLION IN THIRTY-YEAR BONDS. THE RATE ROSE SEVEN TIMES IN ELEVEN MONTHS. HE CALLED IT POLICY-CONSISTENT.

On November 19, 2021, Daniel Ochoa signed off on a duration risk report stating the portfolio's risk was consistent with policy. Eleven days later, Jerome Powell removed the term ‘transitory’ from his vocabulary, signifying impending rate increases that ultimately triggered a significant loss for Meridian Valley Bank.