Monthly Market Commentary

January 2021 Market Commentary

ECONOMIC UPDATE While vaccine success has brightened the 2021 economic outlook, the first quarter is less certain amid surging cases and renewed lockdownsThe labor market has recovered approximately 60% of lost jobs since the pandemic began, and a potential rise in...

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December 2020 Market Commentary

ECONOMIC UPDATE A very challenging year ends with positive developments on the Covid-19 vaccine front, but the recent surge in cases has triggered fresh restrictions in parts of the U.S.Markets have been well-behaved in the wake of the November 3 election, and the...

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November 2020 Market Commentary

ECONOMIC UPDATE Election week has finally arrived, and economists and market participants continue to contemplate various outcomes as it relates to future fiscal policy, regulation, etc.Q3 GDP growth was better than expected, aided by aggressive monetary and fiscal...

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October 2020 Market Commentary

ECONOMIC UPDATE 2020 has been a very difficult year on many fronts, and the economic outlook for Q4 is less certain with Congress unable to agree on additional fiscal aidDespite the uncertainty, the economic data trend, as a whole, continues to exceed expectations,...

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September 2020 Market Commentary

ECONOMIC UPDATE August was atypically busy for broad financial marketsFed Chair Jerome Powell unveiled a new monetary policy framework during his annual Jackson Hole address, including a shift to average inflation targetingDespite various distractions in recent weeks,...

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August 2020 Market Commentary

ECONOMIC UPDATE The path of COVID-19 remains the predominant driver of economic outlooks, and July was not a positive month on that frontQ2 GDP was expectedly bad on a historic level, but Q3 began with positive momentum on multiple fronts, but continued progress will...

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July 2020 Market Commentary

ECONOMIC UPDATE Broad market functionality is much improved despite the uncertain economic outlook, thanks in large part to the actions of monetary and fiscal policymakersEconomic forecasting is as challenging as ever, and the Citigroup Economic Surprise Index posted...

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June 2020 Market Commentary

ECONOMIC UPDATE Despite depression-like unemployment statistics, financial markets have rebounded strongly from the March lowsFed policies are having an extraordinary impact on market functionality, but Fed Chair Powell recently called for more fiscal aid to avert a...

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May 2020 Market Commentary

ECONOMIC UPDATE With much of the global economy on lockdown, unemployment has surged and output has slowed dramaticallySome states are beginning to re-open parts of the economy, but a recent ABC News/Ipsos poll suggests consumers remain hesitant to resume certain...

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April 2020 Mortgage Pipeline Hedging Commentary

Using TBA MBS as Hedging Alternative to Agencies Could Potentially Save Your Institution Millions Understanding and tracking hedge cost is critical in any mortgage pipeline hedging process. When forward committing loans to investors, there is an implied hedge cost...

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