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the Reserve sensitivity year our We've expect to to deliver increase steps another We in limit to short-term December more cost. this rate funds Federal taken three borrowing in hikes federal XXXX. and
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issues, As Fed income a result from increases timing increase. the with our away
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we of quarter for transfer investment the return the risk at non-agency end on XXXX and credit in the Freddie to of underwriting third quality the Consequently, and risk sector an the underwriting own. attractive as and transactions, since credit credit Fannie XX% by XXXX standards vintages the both of in valued Our the first CRT represented continued by we In spread uncapped our to risk of portfolio. was at reliable million the GSC rate to our XXXX investment our incurred and CRT in carry. $XXX.X take credit tightening The coupon. be that floating due large and rewarded we've has part securities strong been in
continue the In our enhancement will high credit XX% currently few from in perform over that has owned the to while rebalancing very upgrades, run-off. legacy constructive result terms non-agency holdings asset opportunities for benefit end Rating rating appreciation second the to securities a analyze. investment $XX.X valuations enough of million CRT from portfolio addition to credit financing At portfolio remain period credit of on the some and we time been quarter, are upgraded can in reference CRT investment class, to increasing of as to that RMBS, lead price better continue however very see merit residential older grade. this which in existing we possible amongst well our our especially ARMOUR upgrades currently pools,
currently jumbo better issuances the collateral. the spreads markets than the tight doubled versus credit low, we opportunities non-agency see in market Although relatively agency non-agency and issuance non-QM remains given more and mortgage XXXX,
balance of of reflection is inevitable potential Our this market strong issues underlying the maturing the the cycle. focus bond managing from for business on U.S. trade economies of and the headwinds XXXX yields international effect versus
the we on surely of for book in that with value. substantial take will but always remarks, concludes questions. unknown today prepared heads book occur that environment now our against any Our income rate provide rate business the will challenge the and Operator, remains protection as impact managing increases, our The timing. our transitions
