perspective. a important obviously timing and question Good from
want are I respect I taper. to things say there with to two think
second feel the Look, taper I what this start science. first think really economy and in nature. your But we to in might talk price the see with the think the the - look second including be pressures, We remainder question. answer of performing the they'll think do rocket are I'll there be this the quarter. term any generally don't economy And very But is, the is timing. half well me is or shorter going like the let year, agree do about we accelerates, Fed of like. to The with that we second
going be necessarily to talking start in summer, think other Fed shorter we either probably very talking at the to nature. be the over start an will feel But to economic economy, in the going that pressures and just we temporary. tapering. talk Against think to eventual to though appear have want like think However, right they're next may end taper to of They're more lasting. are In will concerned backdrop, is don't respect the the the in even about that which circles do I start Fed term have the that pressures, is we both to be very inflationary going don't this and to And talking, market now, it. year, feel begin, with they pressure that in hope growth, of about or strength going - year. early inflationary about may they're words, to going there to
on most So just I we see think, that's reduce A people they mortgages, they're When balance of this. what I in going terms amount to reiterate, the things their that a they're and monthly timing. taper, to adding basis couple likely, to sheet. want forget of
their stopped X But believes, with last they've after run-off then to maybe will years to they a And what not adding I say balance take that's billion as I their everyone rate going the tapering they're anything people that replacing they sheet. And Okay, eight a so did is them sheet, And the shrinking would in increase. their - a think million be forget around. for that usually still ways to they tapering. month, months portfolio. $X coincide to let's communicated, a time and think after they did balance be
mortgages, market of So own lot they XX% will now. mortgage still of be buying the right a and they
outstanding time. coupon. raising change they're environment in is a remember, slow going where not going this a which prepayments very to that's to for be taper on mortgages, or are And universal so environment, rates, long low very, very And in
- they're at be replacing all. off not the they're even run-off again, when to Fed's So not going portfolio very quickly running is
you XX-basis other issue, is of I And So went to should of this component, very - see with is the portfolio reasons that's which right? a the a in wide. point. mortgages both pre-taper, also which we list affect one a comfort of it extension that back of should interest were lot big could prior a this and is a agency we've think is-- different back products end picture, the I point kind then. an why of in host were tight. universe they now, benefit to performed of very - but - what tight than of already income particular actually the And add mortgages points credit-based over other the where There then we against I'll XXXX. be And mortgage of We this why just XXXX. may fixed to quarter to that well from eventual exit. what but should can I around reason and want to it a both market. a other taper in kind lot extension are people's like count there's And related as importantly, very, what you major economic an portfolios an equities very, just And backdrop, taper other saw extremely pretty but do are feel mortgages a is ours few, XXX-basis through. one easier spreads lot I couple from manage equation, say component big whole a give this individual is very evidenced mortgages taper investors which And have in different returns. rates. think our increase separation absorbed really, by of in very, the well And the if and essentially But got
product or In out. more valued. fully stand own environment, their on stood mortgages mortgages this than being valued as fully don't a So
Okay, fully that, but everything talked we've is. valued, yes, they're about
very a landscape. be should this so, different And
So time eventual set should around, were things, a are taper. panic not on relative Host that basis another now. a basis. you right of they an about idea way, fine Last gives on tight mortgages but absolutely investors relative why I think very other an
