Perspectives

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    The Fed Report: September 2026

    • First interest rate hike since 2023. The FOMC voted unanimously to raise the target range for the federal funds rate by 25 basis points to 3.75-4.00% at its September meeting, marking the Fed’s first interest rate hike since July 2023.
    • Policy action consistent with market expectations. The Fed’s decision was in line with market expectations, as fed funds futures were indicating a greater than 90% probability of an interest rate hike at this meeting against the backdrop of persistently high inflation. The policy action was characterized as “support[ing] a timelier return to the Committee’s 2% [long run inflation] goal.”
    • Updated SEP released. The updated Summary of Economic Projections (SEP) highlighted a less divided Fed, as two thirds of Fed officials forecast one additional rate hike this year to 4.00-4.25%, with less dispersion in potential interest rate paths relative to the June SEP. Chairman Warsh once again abstained from providing a forecast.
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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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    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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    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.

    Read More