Perspectives

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    Monthly Macro Monitor: November 2025

    • The federal government shutdown, which ended in mid-November, continued to delay key economic data releases. The most recent federal CPI and PCE reports were released in October and September, respectively.
    • September employment data, released over a month late, showed an increase in U.S. nonfarm payrolls and a generally stable unemployment rate relative to both consensus estimates and August levels. October employment data has not yet been released.
    • Uncertainty regarding inflation and the likelihood of near-term Fed rate cuts drove some intra-month volatility across interest rates and Agency MBS spreads, but volatility declined toward the end of November and month-over-month changes in these measures were relatively modest.
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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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