5min chapter

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Episode 20: For the Fed, the Devil is in the Data; Agency MBS Update

Guggenheim Macro Markets

CHAPTER

MBS Index - What's Next for the Market?

The MBS sector struggled for most of this year as the Fed and banks withdrew from the market. However, there has been a clear shift in sentiment and momentum in the MBS market over the past month or so. We've seen strong outperformance across the sector in July and this month as it got cheap enough combined with the market reading a less hawkish Fed going forward. Although we are still constructive in our outlook for the sector, we acknowledge that at current valuation levels, MBS are more exposed to broader macro events and Fed policy changes compared to a couple months ago.

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