Adding initials in 2nd color when knitting on circulars

How do I carry yarn around circumference of work when adding initials in a 2nd color to a project? Putting college initials on arm warmers

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You’d have to catch the floats. There are several videos for this online but here’s one that seems clear:

Another way to do initials that might be easier is to use duplicate stitch to embroider the initials on after the knitting is finished.

Unless the second color is used all the way around I would seriously consider duplicate stitch. It would be easier and use a lot less yarn.