Perspectives

  • –

    Monthly Macro Monitor: June 2026

    • Iran Conflict: The U.S. and Iran signed a memorandum of understanding (MOU) on June 17, 2026 to be utilized as a negotiating framework with the intent of formally ending the war within 60 days. Despite this important step, the global geopolitical backdrop remains fragile, and the path to a final resolution remains uncertain. While the Strait of Hormuz is technically open and energy pressures have eased somewhat, the normalization of global oil trade activity is expected to be gradual.
    • Employment: Key employment measures released in June remained strong. U.S. nonfarm payrolls (NFP) increased month-over-month and significantly exceeded estimates. The unemployment rate remained unchanged, consistent with expectations.
    • Inflation: As expected amid elevated energy prices, key inflation measures released in June increased month-over-month. Concerns over lingering inflationary pressures, a hawkish Fed dot plot released in June, and Chairman Warsh’s press conference commentary have further increased market expectations of an interest rate hike in 2026. Fed funds futures are now pricing in a 100% probability of one hike and an approximately 20% probability of an additional hike by the end of the year.
    Read More
  • –

    The Earnings Extract: Q3 2025

    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 2025

    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 2025

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

    Read More
  • –

    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.

    Read More
  • –

    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.

    Read More
  • –

    The Fed Report: July 2025

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

    Read More
  • –

    The Earnings Extract: Q2 2025

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

    Read More
  • –

    Agency MBS: Asset Class Benefits

    A more in-depth look into the favorable attributes that make Agency MBS an important building block of a well-diversified investment portfolio.

    Read More
  • –

    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.

    Read More