From Grok:

The video clip in the post appears to be from a December 2023 Squawk Box appearance where Malpass made these exact points though he has reiterated them in later contexts (e.g., 2025 WSJ op-ed and interviews).

No new Squawk Box episode with him was found in January 2026, so the post may be highlighting evergreen concerns rather than a fresh interview. Overall, the economic critique is substantiated and not exaggerated.

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Unrealized losses over $1 trillion: As of Q2 2025, the Fed reported approximately $927.5 billion in unrealized losses on its portfolio, per financial analyses, and this figure has been cited as exceeding $1 trillion when accounting for ongoing rate dynamics.

ftportfolios.com

These are paper losses that don’t require immediate realization since the Fed can hold securities to maturity, but they highlight the mismatch between low-yielding assets and higher borrowing costs.