Perspectives

  • –

    Monthly Macro Monitor: March 2025

    • Inflation measures released in March were once again mixed. February Core CPI was below consensus estimates and January levels, but Core PCE posted its largest monthly increase since January 2024. Weak consumer confidence and spending readings also indicated potentially weaker economic growth in the months ahead.
    • Agency MBS spreads to benchmark rates widened modestly in March, with much of the move occurring in the last week of the month. Importantly, Agency MBS continue to trade within the relatively narrow spread range that emerged in 2023.
    • At current spread levels, Agency MBS investments offer attractive return opportunities both on an absolute basis and relative to the broader fixed income universe. To the extent macroeconomic uncertainty drives a flight to quality, we believe assets like Agency MBS, which benefit from explicit government support, could outperform credit-centric fixed income assets.
    Read More
  • –

    Monthly Macro Monitor: November 2024

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

    Read More
  • –

    The Fed Report: November 2024

    Key highlights from the November 2024 FOMC policy update along with our insights and takeaways.

    Read More
  • –

    Monthly Macro Monitor: October 2024

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

    Read More
  • –

    The Earnings Extract: Q3 2024

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

    Read More
  • –

    Monthly Macro Monitor: September 2024

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

    Read More
  • –

    The Fed Report: September 2024

    Key highlights from the September 2024 FOMC policy update along with our insights and takeaways.

    Read More
  • –

    Monthly Macro Monitor: August 2024

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

    Read More
  • –

    The Fed Report: July 2024

    Key highlights from the July 2024 FOMC policy update along with our insights and takeaways.

    Read More
  • –

    Monthly Macro Monitor: July 2024

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

    Read More