Perspectives

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    The Fed Report: March 2026

    • Target Range Maintained: For the second consecutive meeting, the FOMC maintained the target range for the federal funds rate at 3.50-3.75%. The FOMC decision was not unanimous, as Fed Governor Stephen Miran voted to lower the target range by 25 basis points.
    • Geopolitical Risk Integration: The Fed’s statement was largely consistent with its statement from the January meeting, but the FOMC did note that “[t]he implications of developments in the Middle East for the U.S. economy are uncertain.”
    • Economic Projections Update: While the Fed’s median expectations of one 25 basis point rate cut in each of 2026 and 2027 was consistent with the December projections, the Summary of Economic Projections (SEP) reflected expectations for “somewhat stronger” GDP growth and more persistent PCE inflation than the previous SEP.
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    Monthly Macro Monitor: November 2025

    A quick update on the market environment, including key rate and spread trends that are top of mind for Agency MBS investors.

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    Monthly Macro Monitor: October 2025

    A quick update on the market environment, including key rate and spread trends that are top of mind for Agency MBS investors.

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    The Fed Report: October 2025

    Key highlights from the October 2025 FOMC policy update along with our insights and takeaways.

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    The Earnings Extract: Q3 2025

    Commentary from our quarterly earnings call covering the macroeconomic landscape, the Agency MBS market environment, and our quarterly performance.

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    Monthly Macro Monitor: September 2025

    A quick update on the market environment, including key rate and spread trends that are top of mind for Agency MBS investors.

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    The Fed Report: September 2025

    Key highlights from the September 2025 FOMC policy update along with our insights and takeaways.

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    Monthly Macro Monitor: August 2025

    A quick update on the market environment, including key rate and spread trends that are top of mind for Agency MBS investors.

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    Monthly Macro Monitor: July 2025

    A quick update on the market environment, including key rate and spread trends that are top of mind for Agency MBS investors.

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    The Fed Report: July 2025

    Key highlights from the July 2025 FOMC policy update along with our insights and takeaways.

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