Freddie Mac reported a $475 million net loss for Q3  That net loss is actually based on a $4.2 billion gross loss on derivative investments. What’s a little weird about this is that the derivative investments were a hedge against interest rate fluctuations. But of course, interest rate fluctuations are in large part controlled by the actions of the Federal Reserve. Now maybe technically neither Freddie Mac nor the Fed are the U.S. Government, but this sure looks like the Feds just lost 1/2 a billion of our dollars betting against what other Feds were going to do.