Perspectives
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The Earnings Extract: Q3 2026
Read More- 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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Monthly Macro Monitor: August 2024
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 2024
Read MoreKey highlights from the July 2024 FOMC policy update along with our insights and takeaways.
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Monthly Macro Monitor: July 2024
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 Earnings Extract: Q2 2024
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: June 2024
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: June 2024
Read MoreKey highlights from the June 2024 FOMC policy update along with our insights and takeaways.
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Monthly Macro Monitor: May 2024
Read MoreA quick update on the market environment, including key rate and spread trends that are top of mind for Agency MBS investors.