The financial condition of the Federal Reserve has dramatically deteriorated in recent weeks as it contends with the same pressures that sparked a run on Silicon Valley Bank, sparking fears of “looming insolvency” for the nation’s central bank, Grant’s Interest Rate Observer reports. 

The Interest Rate Observer’s editor, James Grant, who has been among the central bank’s critics to have been invited to address the New York Fed, cautions that the Fed’s woe is “a technical, hypothetical insolvency,” as opposed to a legal default. The Fed, Grant’s marks, can create money on its own, but it adds that “symbolism is above the law.”