Thanks, Jerry.
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by rate Fed points. mechanically, XX September, quite importantly, rates up lowered about But longer-term So XX-year case starting the the went came basis overnight in the basis XXX that in about.
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highlight in X highlight them, but is going the of to briefly aware I'm guess you're would why? I to things. give I them call.
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has these more the reasons, to some for us of I'll curve summary walk kind mean what variables, then things those just through you macro by and my specifically. you a comments of finalize I want for inverted. give So,
you at the So is the between the can see X-month bottom, spread XX-year treasury the bill XX on this note. and Slide
January As points. Friday, of it's last XX XXth, basis
territory. So now it is in positive
specifically looking market. XX, Slide the to more at Moving mortgage
the mortgage current spread of proxy this at and for the coupon. trading the -- to XX-year treasury see can levels, You performance a
is that huge a XXX. that for basis remains so reason that prices, could bottom at would price the historic late. are the ranges maybe, were the not buyers those the one And outset which trading to each it's there's I the or we banks, to very still COVID, coupon of the pre-COVID.
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point will that too would slides, GDP does appear into does I seen Slide -- have read cause show want much necessarily I just it it of is remain to out I'm level.
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normal above growth. had have We
expect that that growth be remain You can The the way, By economy the long-term continue fairly all trend. the to is dollars. if see in strong. back And going way rate GDP to trend to is above would that nominal you this case, XXXX. continues current just to line the this
to us before developments So all to just for kind now portfolio. go I the the call about and want as over who I talks turn through of mentioned, mean what Hunter, I they these
the First of interest all, down. levels our lower, has funding and steepened, expense curve cash come with
is interest positive effect the of So absent income net now our hedges.
spread, because have very a in is the rates income. obviously an bias for we we development very coupon now up So interest have positive which Longer for higher, us net portfolio. been good good that's to
slower in results that speeds. So
current you investment coupon they see mentioned, a call, mortgage get we'll environment, is look volatility at we and rolls, extent the has in still means securities.
The better proxy, That's have low been to and fact, another for sector carryout those continues, As the just I later the positive. spread also a as which at the been, if development and off of Dollar slowing, in levels. good of attractive very that positive. coming as
we basis, I'll the model.
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