JMBS News and Press, Janus Henderson Mortgage-Backed Securities From 03/28/23

2023-03-28 03:25:00 ET Summary Over the past year, bonds and mortgage-backed securities dropped in value as central banks hiked base rates in the banking system - that’s interest rate risk. The sound ones also rebound in value as central banks pause and then start cutting r...

2023-03-23 10:31:00 ET Summary After insisting in 2021 that the Fed would not even consider raising rates in 2022, Wednesday, Chair Powell reiterated their intention for more monetary tightening through 2023. With the lion’s share of global commodities and debt transacted i...

2023-03-22 01:51:00 ET Summary Across fixed income, the effects on credit markets have been acute. There's some volatility that might be exacerbated around maybe the lower quality end of the housing market as well as the commercial market. The crisis hasn't been averted yet. I...

2023-03-13 21:01:00 ET Summary You step from the Fed and then you look around the world, there is this uncertainty associated with where we are, with this inflationary environment that every country is dealing with. Certainly from a longer perspective, given sort of the post-GFC w...

2023-03-13 15:35:00 ET Summary One of the themes I’ve been discussing lately is how inflation risk has been evolving into credit risk. The banking bust we’re seeing now was sown during COVID. The COVID boom was the inevitable blow off top of the prior 10-year bull ma...

2023-03-13 05:00:00 ET Summary Some of the issues at SVB are shared by almost all banks. Most local banks hold loans to maturity so they are carrying them at cost. Stocks fell early in the week as short-term rates rose and another rate hike was priced in based on Powell’...

2023-03-08 10:37:00 ET Summary When analysing the business cycle, there are few sectors and areas within the economy of more importance and influence than the housing market. Housing is both a cyclical and interest rates sensitive market. Thus, at the heart of the housing market l...

2023-03-07 14:00:00 ET Summary U.S. Agency Mortgages slumped after a promising start to the new year, as rising Vols detracted from embedded call structures like MBS. MBS issuance has taken a nosedive the past year plus, as rising rates, falling refinances and limited repeat busin...

2023-03-07 12:11:00 ET Summary In Europe, the UK, and Canada, most mortgages are floating rate or coming up for renewal over the next couple of years. The Bank of Canada saw the housing downturn underway when it paused its rate hiking cycle in December at 4.5%. As Treasury bon...

2023-03-07 11:49:00 ET Summary The relative affordability of the typical new home sold in the U.S. improved in January 2023. Looking forward, we already know mortgage rates averaged close to the same in February 2023 as they did in January. March 2023 however may present a ver...