Perspectives

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    Monthly Macro Monitor: December 2025

    • Effects of the federal government shutdown continued to impact data availability for the December economic releases, but economic reporting is expected to normalize by late January with the combined release of the October and November PCE data on January 22nd. Although reporting will return to its traditional schedule, the Bureau of Labor Statistics will not be able to release October unemployment or CPI figures because the primary data was never collected during the shutdown. As such, these missing data points have been replaced with ‘imputed’ values that may mask data trends in future releases.
    • In light of this dynamic, Chair Powell cautioned at the Fed’s December press conference that near-term inflation and labor reports may be “more volatile” and “distorted” and that the Fed will likely “have to look at [the data] carefully and with a somewhat skeptical eye by the time of the January meeting.”
    • The macro environment for Agency MBS remained favorable in December, as interest rate volatility declined, the yield curve steepened, and Agency MBS spreads to benchmark rates tightened over the course of the month.
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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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    AGNC 2024 CORPORATE RESPONSIBILITY REPORT

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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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    The Fed Report: September 2025

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

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