Perspectives
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The Fed Report: December 2024
Read More- Consistent with market expectations, the FOMC lowered the target range for the federal funds rate by 25 basis points to 4.25-4.50% at its final meeting of 2024, completing the initial recalibration phase of monetary policy.
- Although the Fed lowered its policy rate as expected, it also communicated a hawkish message and more cautious approach with respect to future policy actions, consistent with the Fed’s revised forecast that economic growth is anticipated to be stronger than previously expected and that it will take longer to achieve the Fed’s 2% inflation objective.
- The Fed’s December Summary of Economic Projections (SEP) median rate forecast indicated a slower pace of cuts, with 50 basis points of rate reductions in both 2025 and 2026 and a long run federal funds rate of 3.0%.
- The Fed also implemented a technical adjustment to the rate on the overnight reverse repurchase agreement (RRP) facility, bringing it in-line with the revised federal funds rate lower bound (4.25%); previously, the RRP rate was five basis points higher than the lower bound of the federal funds rate (4.55%).
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The Fed Report: December 2024
Read MoreKey highlights from the December 2024 FOMC policy update along with our insights and takeaways.
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Monthly Macro Monitor: November 2024
Read MoreA 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: November 2024
Read MoreKey highlights from the November 2024 FOMC policy update along with our insights and takeaways.
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Monthly Macro Monitor: October 2024
Read MoreA 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 Earnings Extract: Q3 2024
Read MoreCommentary 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 2024
Read MoreA 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 2024
Read MoreKey highlights from the September 2024 FOMC policy update along with our insights and takeaways.
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Monthly Macro Monitor: August 2024
Read MoreA 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 2024
Read MoreKey highlights from the July 2024 FOMC policy update along with our insights and takeaways.