Perspectives

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    The Earnings Extract: Q3 2026

    • Fixed income markets experienced significant pressure in the third quarter, particularly in the final weeks of September, as fixed income investor sentiment turned decidedly bearish, interest rates increased sharply, and interest rate volatility spiked. The instability in the Treasury market drove pronounced weakness in the Agency MBS market, and, as a result, Agency MBS was the worst performing sector of the Bloomberg U.S. Aggregate Bond Index during the quarter.
    • Despite the challenging macroeconomic environment, there are a number of reasons for optimism with respect to the outlook for Agency MBS once volatility in the Treasury market subsides, as the return profile of Agency MBS is more attractive at current valuation levels, the fundamentals for Agency MBS are more favorable today than they were at the start of the third quarter, and supply-demand technicals remain in balance. Together, these factors support a constructive outlook for Agency MBS performance.
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    The Fed Report: January 2026

    Key highlights from the January 2026 FOMC policy update along with our insights and takeaways.

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    The Earnings Extract: Q4 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: December 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: December 2025

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

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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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