Perspectives

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    Monthly Macro Monitor: June 2025

    • Employment and inflation measures released in June were generally consistent with consensus estimates and relatively unchanged on a month-over-month basis.
    • The Fed maintained its cautious tone at its June meeting, as year-end inflation expectations have increased and economic growth forecasts have been reduced. Chair Powell expects the initial impacts of tariffs to appear in inflation data in the coming summer months.
    • The MOVE Index, a broad measure of interest rate volatility, was generally stable throughout June, but it remains elevated relative to long-term historical levels.
    • While Agency MBS spreads to benchmark rates tightened modestly during the month, they continue to remain elevated by historical standards as macroeconomic uncertainty persists.
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    Monthly Macro Monitor: June 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: June 2025

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

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    Monthly Macro Monitor: May 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: May 2025

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

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    Monthly Macro Monitor: April 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 Earnings Extract: Q1 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: March 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: March 2025

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

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    Monthly Macro Monitor: February 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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