THE EARNINGS Extract Q1 2026 EARNINGS COMMENTARyAPRIL 21, 2026 Agency MBS performance in the first quarter was driven by two divergent macroeconomic themes. In January and February, the administration’s focus on reducing interest rate volatility, maintaining mortgage spread stability, and improving housing affordability drove strong performance across the broader fixed income complex and Agency MBS specifically. This favorable investment environment was, however, quickly eclipsed in March by…
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