Perspectives

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    The Fed Report: October 2026

    • Fed funds target range unchanged, with two dissents. As generally expected, the FOMC maintained the target range for the federal funds rate at 3.75-4.00% at its October meeting, following the 25 basis point rate hike in September. The decision was in line with market expectations, as fed funds futures indicated an approximately 90% probability of a hold heading into the meeting. The 10-2 decision drew dissents from Fed Governor Lisa Cook and Cleveland Fed President Beth Hammack, who both preferred to raise the target range for the federal funds rate by 25 basis points.
    • Statement language points to a data-dependent pause.The Fed’s October statement was largely unchanged from September, with two notable revisions. The FOMC upgraded its characterization of economic activity, which is now expanding at a “strong pace” relative to a “solid pace” in September. The statement also included new language that “the accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation” to the 2% goal.
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    The Fed Report: October 2026

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

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    The Earnings Extract: Q3 2026

    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 2026

    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: September 2026

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

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    Monthly Macro Monitor: August 2026

    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: July 2026

    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: July 2026

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

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    The Earnings Extract: Q2 2026

    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: June 2026

    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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