Yes, but the main issue is that higher interest rates are forcing institutions like SIVB to reprice their investments to market. SIVB is holding paper of companies they lend money to. Those companies can't borrow to refinance at low rates and are showing declining valuations and maybe are going to go bust. That's was the essence of what Danielle DiMartino was talking about.
If Powell doesn't take the rates lower, many Private Equity firms will show big losses.