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American Capital Agency Corp. Message Board

  • farmapharma farmapharma May 10, 2013 7:45 PM Flag

    Fed Maps Exit From Stimulus

    Read the article in WSJ for those who have access. Fed is being non committal about timing or any other specifics which probably means more volatility ahead. Not a good time for TBA arrangements, IMHO

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    • They've been non committal for over a year now.

      Sentiment: Strong Buy

      • 1 Reply to iguanaman_99
      • The WSJ piece was written by Jon Hilsenrath. He is known as the Fed's media mouthpiece and known to be close with the Fed. He has telegraphed almost every move the Fed has made over the last several years. Difference this time is that AGNC has changed their leveraging strategy. They did it for the right reason - to juice the returns in the face of a shrinking spread. It helped them in Q4 2012, bit them in Q1 2013. Not sure they can effectively hedge against monthly fluctuating MBS prices in the dollar roll market. The upshot of it all is more volatility for both AGNC and MTGE (they invested quite a bit of their recent SPO proceeds in agency MBS using the same strategy). Kain's two presentations next week will hopefully shed some more light on the current situation at both these REITs.

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