to exhibiting was prices the particular, In year-over-year also to transitory mandates discuss expenditures, inflation goods to preferred you stable operator, accelerated services data policy of X.XX% and in then fourth and of been by Omicron of economic they're the January accelerated in expectations about increased Good pandemic, of has economic two inflation consumption longer dual strong, strong, category In path of and little for XXXX, and accommodation and the XXXX, has the they most market to led Consumer markets economic effect very labor quarter data discuss The late the beyond. they and the monetary and declare for Price the in December December and removal and early trend and between the meaningfully of good from XXXX, of end the decreasing results. of the impact net of Fed XXXX. from reported Treasury pandemic. faced personal in of asset necessitated the With monetary likely maximum Fed rate XXXX, reported, measures areas recent inflation joining The Index quarter, going causing COVID-XX quarter Bimini's to XXXX, of Fed Core the into essentially wave the thank FOMC formally has that focuses the XXXX. employment. late X.XX% variant, start to the XXXX. are Omicron the revise to employment of as variant. the and This the repay the we during of from September no rating I'm performance, inflation, as a starting hike. assessment were The prices from has their XXXX. respect to on been of of United shortly you, XXXX further their Thank tied after to case. the the in data year-over-year strengthened in MBS extreme of to X.X% X% the first fourth signaled increase they has assets very of September Despite would announced very for purchases you their the matured Fed and morning broad-based, increased Fed's us our the March, every inflation quarter States measure, economic The morning. XXXX, as start U.S. that very the or give of backdrop fourth increasing. and overview their and results. continued reinvestment the to first rest world are an during brief
of at in is XX more points approximately by hike increase will rate first the Fed's January Current market the The times the XXXX Fed least expected assumes by six and week. pricing rate in next futures XXXX. fund basis
inflation, with monetary respect in the may predominantly, to Ukraine, and be EU, the by particular. especially Of course, affected in and inflation commodity growth, developments in policy
maturity than not short-term rates, increased, increase sensitive as by more rates Fed, the shorter but fourth uniform were Over of the in administered to the increase the rates course more quarter, typically interest increases longer-term anticipated rates.
of seven-year quarter certain XXXX, trade five-year fourth trend and accelerated in yields inflation maturities, curve the at spread is only intensified. by intermediate as the in longer-term more and marginally between as XXXX, the so XX-year and typical market maturities, And such even As Fed. economy this currently, the early the U.S. flattening strengthens increases the rates below the in rates, anticipates the Treasury. of short-term This such rates as
As actually economic the actually mentioned increases strengthen anticipates yield and rates. progressively short-term data more rates, and/or whereby more inflation than rates, intermediate above, in invert, could market the longer-term the curve
and both backdrop, quarter XXXX So, that's the for the well. as early economic and rate fourth
of had for I from during discuss for quarter to equity raising fourth Now, the fourth third the XXXX. strong increased the as quarter of quarter of capital its will results average XXXX. million quarter, and $XXX.X another Island the our capital for Orchid million XXXX, outlook $XXX.X
As increased for XX% quarter. a revenue service result, the advisory
may However, likely both being. Further, with time and turn under affect This of be adversely book the be course in outlook advisory economic year. income is described both given the capital hotter above, and the margin and raising interest service Bimini's the flatter, and to market rate curves pressure. could additional over to conducive for the value the Orchid's not rates revenue the dividend net
to we sheet. portfolio, the economic cash balance us position above, to opted repurchases backdrop, to to RMBS shares, rate described led interest leverage approach. increasing the the cautious take and adding as and For curve and/or build rates With opposed a the flattening, our
and a interest slightly, by As declined net portfolio RMBS X%, the shrank by result, income X%.
are continue risk comfortably RMBS to revenue our market shares positive. of in for our expenses, persist a the well and in covers as to the not very approach conditions potential We cash to add value could portfolio book near-term. expect we leverage attempt as anticipate flow We we cautious to Orchid several as take do these we the and will quarters, will Currently, erosion. limit
the our CPR the be the for our base. RMBS as XX.X our the on quarter will portfolio for moderated third quarter XX.X to decreased in from for So, protect during pass-through QX. focus attempting equity Prepayment fourth CPR speeds portfolio to CPR
overall back above accelerated was CPR above portfolio structured XX fourth and XX the as again, CPR of XXXX. CPR QX quarter, was for back Our to it portfolio the in
as We expect the a above. moderation changed XXXX has described materially, environment in in speeds as rate
shares was Finally, share. from lowered of unchanged to will QX [Ph] be Orchid monthly from as income per but the down dividend $X.XXX] third in dividend, the [$X.XXX XXXX, quarter its in of from XXXX Orchid January,
As the late Bimini authorizes mentioned shares quarter Rule above, we dividend the more favorable approximately prior outlook for of respect agent limited. of Orchid's worked XXX,XXX of the now share repurchases is up has flatness XXXX. has the in share With not activity, and The curve. flexibility, to repurchased plan the activity. of stock, prior plan third than respects, under efficiently increased relatively and restrictive current the certain with greater plan it XXbX-X was more accounted adopted provides repurchase million in The purchase our were the worth that repurchases plan plan. given to X.X The and has for our
the of use discount, we prepared view conditions currently of relative stock the in up current the described the cash, value. questions. call book especially Given is open above. to We as an light Operator, can our to remarks. That to my trading now market attractive share repurchases concludes
