It's not moving the goalposts - this is an actual, real, and extremely sneaky loss. Having bonds that will pay out say $100 in eight years time is pretty much exactly equivalent to having the reduced value of those bonds now (say $80) because if you had that reduced amount of money now you could invest it in similar bonds and receive $100 in eight years time. In fact, I think with current interest rates you could even stick it in more liquid bank accounts or short-term bills and likely still receive more interest whilst not being locked in.