Perspectives
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Monthly Macro Monitor: October 2025
Read More- The ongoing federal government shutdown has delayed the release of important economic data, and, thus, there were no official federal government releases of key employment and PCE metrics in October. Core CPI, which was also delayed but was released before month-end, declined slightly from the prior month.
- At the Fed’s October press conference, Chair Powell reiterated that the FOMC remains in a challenging situation, as tension between its dual mandate goals persists. Citing public and private sector data that have remained available, he noted that inflation risks continue to appear tilted to the upside and employment risks to the downside.
- In light of the balance of risks to both sides of its dual mandate, the Fed lowered the target range for the federal funds rate by 25 basis points in its second interest rate cut of 2025. During his remarks, however, Chair Powell stressed that FOMC members held strongly differing views regarding future monetary policy actions and that a December rate cut “is not a foregone conclusion – far from it.”
- Against a backdrop of light economic data releases and a more hawkish-than-expected Fed tone, benchmark interest rates and interest rate volatility declined, the yield curve flattened slightly, and Agency MBS spreads to benchmark rates tightened modestly during the month.
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Monthly Macro Monitor: October 2025
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: October 2025
Read MoreKey highlights from the October 2025 FOMC policy update along with our insights and takeaways.
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The Earnings Extract: Q3 2025
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 2025
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 2025
Read MoreKey highlights from the September 2025 FOMC policy update along with our insights and takeaways.
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Monthly Macro Monitor: August 2025
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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Monthly Macro Monitor: July 2025
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 2025
Read MoreKey highlights from the July 2025 FOMC policy update along with our insights and takeaways.
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The Earnings Extract: Q2 2025
Read MoreCommentary from our quarterly earnings call covering the macroeconomic landscape, the Agency MBS market environment, and our quarterly performance.