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Should the Fed Buy Treasuries or Agency MBS During QE? Yes
by Mike Cudzil, Daniel Hyman of PIMCO, 9/22/20

We believe the Fed’s mortgage purchase program is helping to bolster economic activity, and accomplishing more than Treasury purchases alone.

Finding the Right Level of Support for Capital Markets and Mortgage Rates
by Mike Cudzil, Daniel Hyman, Tiffany Wilding of PIMCO, 4/6/20

The Fed has moved aggressively to stabilize core assets, including mortgages. Yet several market indicators are still concerning.

The Fed Has Another Lever to Pull
by Mike Cudzil, Daniel Hyman of PIMCO, 3/4/20

The Fed could give the economy a powerful boost by maintaining the mix of assets on its balance sheet.

Could the Fed Pivot on Balance Sheet Policy for Mortgage Securities?
by Mike Cudzil, Daniel Hyman of PIMCO, 10/18/19

The Fed has another lever to pull to ease monetary policy, one that could increase savings rates and create more disposable income.

What Does the Current Low Interest Rate Environment Mean for Agency MBS?
by Mike Cudzil, Daniel Hyman of PIMCO, 2/17/15
After the agency MBS market in 2014 was dominated by low volatility, limited prepayment risk and strong performance, the strong rally in U.S. Treasuries in January resulted in just the opposite. With the Fed ending net purchases of MBS in October 2014, it seems unlikely for the private investment community to take the Fed’s place in the MBS market at this level of interest rates and spreads. PIMCO expects the environment for MBS in 2015 to be quite the opposite of 2014, resulting in higher volatility, cheaper valuations and more attractive excess return opportunities for the active manager.
5 results found.