Agnc will outlast QE and Ben.
This year Geithner will depart. Next January, Ben will follow. By then QE will end. The changing of the guards will be completed and Agnc will be stronger than before.
Fed was purchasing 85 Billion in agency with QE2 & QE3. With QE2 expiring, QE4 looks to purchase 85 Billion but half agency and half treasury.
Fed purchasing 45 Billion with QE4 in a 140 Billion market is better than 85 Billion (QE2+QE3) as in the fourth quarter.
Just need housing to pickup and banks to loosen.
It's probably more along the lines of how much damage will QE3 & QE4 inflict along the way.
You can just look at NLY as the barometer.