Perspectives

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    Monthly Macro Monitor: August 2026

    • Iran Conflict: The Iran conflict continued through its sixth month, and the 60-day negotiation window outlined in the U.S. and Iran’s memorandum of understanding (MOU) lapsed in mid-August without any formal follow-on extensions. Later in the month, the Administration pivoted to an economic and financial campaign entitled “Operation Economic Outcast,” which aims to “sever the economic lifelines that sustain the Iranian regime and the Islamic Revolutionary Guard Corps.” Oil prices and financial markets remained volatile, and the path to a final resolution remains uncertain.
    • Employment: Key employment measures released in August were mixed. U.S. nonfarm payrolls (NFP) declined month-over-month, posting the first monthly net job loss since February, and missed estimates. The unemployment rate improved slightly to 4.1%, below both the prior month’s level and the median consensus estimate, due primarily to a decline in the labor force participation rate, which hit its lowest level since early 2021.
    • Inflation: Despite continued pressure from elevated energy prices, key inflation measures released in August were flat to slightly lower on a year-over-year rate basis and were in-line with consensus estimates. Core CPI eased to 2.5% from 2.6%, and core PCE was unchanged at 3.3%.
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    The Earnings Extract: Q1 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: March 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: March 2026

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

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    2025 Annual Report

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    Monthly Macro Monitor: February 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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    2025 Letter to Stockholders

    In his annual letter to stockholders, President, CEO & CIO Peter Federico provides a recap of 2025 performance and the outlook for AGNC in the year ahead.

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    Monthly Macro Monitor: January 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: 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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