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U.S. stocks are rising toward records Friday following a mixed report on the U.S. job market, one that may delay another cut to interest rates by the Federal Reserve but does not slam the door on it. The S&P 500 climbed 0.5% in midday trading and was on track to top its all-time high set earlier in the week. The Dow Jones Industrial Average added 237 points, or 0.5% and was also heading toward a record. The Nasdaq composite was 0.7% higher, as of 11:45 a.m. Eastern time. The gains came after the U.S. Labor Department said employers hired fewer workers in total during December than economists expected, though the unemployment rate improved and was better than expected. It reinforced how the U.S. job market may be in a low-hire, low-fire state. On Wall Street, power company Vistra soared 11.9% to lead the market after signing a 20-year deal to provide electricity to Meta Platforms from three of its nuclear plants. Big Tech companies have been signing a string of such deals to electrify the data centers powering their moves into artificial-intelligence technology. Oklo jumped 12.3% after saying it also signed a deal with Meta Platforms that will help it secure nuclear fuel and advance its project to build a facility in Pike County, Ohio. Homebuilders and other companies involved in the housing market were also strong in their first trading after President Donald Trump announced a plan to lower mortgage rates. Trump on late Thursday called for the purchase of $200 billion in mortgage bonds, similar to how the Fed in the past has bought bonds backed by mortgages to bring down mortgage rates. Builders FirstSource, a supplier of building products, jumped 8.5% for one of the biggest gains in the S&P 500 after Vistra. Among homebuilders, Lennar rose 5.1%, PulteGroup rose 4.9% and D.R. Horton climbed 4.8%. They helped offset a 3.3% drop for General Motors. The auto giant said it will take a $6 billion hit to its results for the last three months of 2025 related to its pullback from electric vehicles. Thats on top of the $1.6 billion in charges GM took in the prior quarter. Fewer tax incentives and easier fuel-emission regulations have been eating into demand for EVs. WD-40 tumbled 5% after reporting a weaker profit for the latest quarter than analysts expected. Chief Financial Officer Sara Hyzer said the soft numbers were primarily because of timing issues, not weaker demand from end customers, and the company stood by its financial forecasts for the upcoming year. In the bond market, Treasury yields were mixed following the mixed jobs report. The improvement in the unemployment rate was enough to get traders to ratchet back expectations for a cut to interest rates at the Feds next meeting, which is scheduled for later this month. Traders are now forecasting just a 5% chance of that, down from 11% a day before, according to data from CME Group. But traders nevertheless still largely expect the Fed to cut rates at least twice this upcoming year. Whether theyre correct carries high stakes for financial markets. Lower interest rates can goose the economy and push up prices for investments, though they can also worsen inflation at the same time. And inflation has stubbornly remained above the Feds 2% target. Until the data provide a clearer direction, a divided Fed is likely to stay that way, according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management. Lower rates are likely coming this year, but the markets may have to be patient. The yield on the 10-year Treasury eased to 4.17% from 4.19% late Thursday. It tends to track expectations for longer-term economic growth and inflation. The two-year Treasury yield, which more closely tracks forecasts for what the Fed will do with short-term interest rates in the near term, rose to 3.52% from 3.49%. A separate report released Friday morning suggested sentiment among U.S. consumers is strengthening, particularly among lower-income households. Perhaps more importantly for the Fed, the preliminary report from the University of Michigan also said expectations for inflation in the coming 12 months may be at their lowest level in a year. That could prevent a vicious cycle where worsening expectations lead to behaviors that accelerate inflation further. In stock markets abroad, indexes rose across much of Europe and Asia. The French CAC 40 rose 1.3%, and Japans Nikkei 225 jumped 1.6% for two of the worlds bigger gains. In Tokyo, Fast Retailing, the fashion company behind Uniqlo, jumped 10.7% after its quarterly operating profit surged about 34% year-on-year. It revised its full-year forecasts upward. By Stan Choe, AP business writer AP Business Writers Chan Ho-him and Matt Ott contributed.
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Some words are far too mild for the violence of what they describe. Migraine is one of them. For many people, it evokes a simple headachean inconvenience solved with an aspirin (or Tylenol) and a glass of water. For those whove never experienced it, migraine is almost a cliché: a lame excuse to stay in bed or avoid a meeting. But for millions of peopleand Im one of themmigraine is anything but benign. It is a debilitating neurological disease that can force life to grind to a halt for days at a time. It is an invisible disability that millions are expected to simply push through. The Mild Version Everyone Seesand the Severe One No One Understands I often compare migraine to carrying a 60-pound bag everywhere you go. On mild days, you still walk, work, answer emailsbut you do it while pushing through a fog of pain that absorbs all your energy. Many migraine sufferers perform normal life while their brain fights a private war. {"blockType":"mv-promo-block","data":{"imageDesktopUrl":"https:\/\/images.fastcompany.com\/image\/upload\/f_webp,q_auto,c_fit\/wp-cms-2\/2026\/01\/PhotoLVitaud-169.jpg","imageMobileUrl":"https:\/\/images.fastcompany.com\/image\/upload\/f_webp,q_auto,c_fit\/wp-cms-2\/2026\/01\/PhotoLVitaud-11.jpg","eyebrow":"","headline":"\u003Cstrong\u003ESubscribe to Laetitia@Work\u003C\/strong\u003E","dek":"Women power the worlds productivity its time we talked more about it. Explore a woman-centered take on work, from hidden discrimination to cultural myths about aging and care. Dont miss the next issue subscribe to Laetitia@Work.","subhed":"","description":"","ctaText":"Learn More","ctaUrl":"http:\/\/laetitiaatwork.substack.com","theme":{"bg":"#2b2d30","text":"#ffffff","eyebrow":"#9aa2aa","subhed":"#ffffff","buttonBg":"#3b3f46","buttonHoverBg":"#3b3f46","buttonText":"#ffffff"},"imageDesktopId":91472264,"imageMobileId":91472265,"shareable":false,"slug":""}} Ironically, this functional version of migraine contributes to the disbelief faced by people who cannot work during severe attacks. They hear, But I know someone with migraines and she still workswhy cant you? Because not all migraines are the same. Some are annoying. Some are so ferocious you cant imagine enduring another minute of it. A Neurological Reality That Hijacks the Entire Body When a severe migraine hits, everything stops. I find myself in bed, motionless, in the dark. I shuttle back and forth to the bathroom to vomit. I cant read. I cant watch a show. I cant think clearly. My brain is overwhelmed by pain and sensory overload. The outside world simply disappears. More than one billion people worldwide experience migraines. One in seven adults. And yet . . . it remains an astonishingly misunderstood disease. It disproportionately affects womenroughly 80% of migraine suffererslargely because of hormonal fluctuations that influence the sensitivity of the nervous system. Its driven by an abnormal excitability of brainstem neurons that triggers a cascade: CGRP molecules flood the system, blood vessels dilate, nerves ignite with pain signals, and the body spirals into nausea, hypersensitivity to light and sound, vomiting, word-finding difficulties, and exhaustion. Some people experience visual disturbancesaurabefore the pain even hits. But whether with or without aura, the result can be incapacitating. The Monastic Life Migraine Demands Migraine forces me into a kind of monastic discipline. I dont drink alcohol anymoreits an instant trigger. Ive cut out lactose completely, because even a small amount can set off a crisis. I follow a tightly controlled diet. I guard my sleep like its sacred, because one night thats too short or too long can derail an entire day. I limit screen time as much as I can. I monitor my stress levels (not easy in the world we live in). I avoid harsh light, loud spaces, sensory overload. And even with all that, I still cant fully prevent the attacks. For some, its chronic. A migraine that never really leaves, a pain that becomes the background noise of existence. I honestly cannot imagine living like that. I dont know how people with chronic migraine keep goingtheir resilience is extraordinary. A Workplace Blind Spot With Enormous Costs The gap between lived experience and workplace perception is enormous. Migraine is still not widely recognized as a disabling condition at work. Many employees fear being judged as unreliable or weak. And too many managers still respond with skepticism or impatience. Yet migraine is one of the worlds leading causes of productivity loss. The economic costthrough absenteeism, presenteeism, and cognitive impairmentruns into the hundreds of billions globally each year. And behind those numbers are real people who spend days each month barely able to function. Treatment ExistsBut Access, Awareness, and Understanding Lag Behind Traditional preventive medications (like beta blockers) help some patients, but only a fraction of them. Acute treatments like triptans can workuntil they trigger rebound headaches that are worse than the original pain. Many of us know that spiral all too well. Newer therapies, especially those targeting CGRP, are genuinely promising. Some patients describe them as life-changing. But they remain expensive, inaccessible for many, and often unknown. And because migraine is still not taken seriously, an astonishing number of people never even seek medical help. They just live with it. They sometimes mention it in passingoh, and I get migrainesif they mention it at all. For a condition that can derail entire lives, the gap between the severity of the disease and the lack of treatment is staggering. Despite how common migraine is, very few workplaces have policies that address it. The Question We Avoid: What If Migraine Affected Mostly Men? History gives us a pretty clear answer. Across medicine, conditions that disproportionately affect womenmigraine, endometriosis, autoimmune diseaseshave been minimized, dismissed, or psychologized for decades. When women describe pain, it is more likely to be labeled as stress, anxiety, sensitivity, or overreaction. When men describe pain, it is more likely to be investigated. Migraine sits squarely in this long lineage of medical bias. For generations, it has been seen as a womens complaint, something vaguely emotional rather than neurological. In the mid-20th century, many doctors literally described migraine as a manifestation of female hysteria. The stereotype still lingers today: the fragile woman with “her headaches.” If a condition that disables one in seven adults were perceived as a mens disease, it would almost certainly have received more research funding, more public awareness, more employer adaptations, and far earlier recognition as a legitimate disability. Instead, millions of women have been told for decades to push through it, take something, or manage stress, as if willpower could override a neurological storm. What Can Employers Actually Do? More Than They Think. Migraine shouldnt be a private burden. Workplaces can make a profound difference by recognizing it, adapting to it, and supporting those who live with it. 1. Give people autonomy over how they work: Flexibility in location and schedule is the single most important accommodation. Many of us can avert a severe attack if we rest at the earliest warning signsbut only if work allows it. 2. Accept sick leave for migraines without suspicion: No eye-rolling. No raised eyebrows. No unspoken judgment. If someone says, I cant work today, believe them. Trust goes a long way toward reducing stigma. 3. Reduce sensory triggers in workplaces: reduce harsh lighting, limit strong fragrances, manage noise levels, provide quiet rooms when possible. These changes dont just help migraine sufferersthey benefit everyone! 4. Train managers and HR teams: A simple awareness session can avoid years of misunderstanding. Managers need to know what migraine is (and isnt), how it affects cognition, and why flexibility is not indulgence. 5. Normalize disclosure without forcing it: People should feel safe sharing information about their condition without fear of bias. A culture of psychological safety helps enormously. 6. Support access to treatment: Health insurance plans should cover modern migraine treatments, including newly approved CGRP-targeting medications. These therapies can prevent attacks entirely or significantly reduce their severity. Supporting access is cost-effective compared to the productivity losses of unmanaged migraine. We Are Manyand We Deserve to Be Believed Millions of people navigate migraines in silence. We endure the pain itself, and then the second burden: the disbelief, the minimization, the cultural shrug. Migraine is not an excuse to avoid work. It is a neurological disease that destroys days and derails careers. We deserve to be heard and supported. We deserve autonomy, flexibility, empathy, and access to effective treatment. And above all, we deserve to be believed. {"blockType":"mv-promo-block","data":{"imageDesktopUrl":"https:\/\/images.fastcompany.com\/image\/upload\/f_webp,q_auto,c_fit\/wp-cms-2\/2026\/01\/PhotoLVitaud-169.jpg","imageMobileUrl":"https:\/\/images.fastcompany.com\/image\/upload\/f_webp,q_auto,c_fit\/wp-cms-2\/2026\/01\/PhotoLVitaud-11.jpg","eyebrow":"","headline":"\u003Cstrong\u003ESubscribe to Laetitia@Work\u003C\/strong\u003E","dek":"","subhed":"Women power the worlds productivity its time we talked more about it. Explore a woman-centered take on work, from hidden discrimination to cultural myths about aging and care. Dont miss the next issue subscribe to Laetitia@Work.","description":"","ctaText":"Learn More","ctaUrl":"http:\/\/laetitiaatwork.substack.com","theme":{"bg":"#2b2d30","text":"#ffffff","eyebrow":"#9aa2aa","subhed":"#ffffff","buttonBg":"#3b3f46","buttonHoverBg":"#3b3f46","buttonText":"#ffffff"},"imageDesktopId":91472264,"imageMobileId":91472265,"shareable":false,"slug":""}}
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Less than three months ago, the world watched the Trump administration reduce the White Houses historic East Wing to a pile of rubble to begin construction on a massive new ballroom. But it looks like the dust from that demolition will have barely settled before Trump starts another project to turn the presidential residence into his own personal real estate development endeavor. This week, Trump and the head architect behind the ballroom construction, Shalom Baranes, revealed several heretofore unknown plans for the nations most symbolic building. They include multiple proposals that would add considerable architectural bulk to a White House thats already set to be burdened by a 90,000-square-foot East Wing (for context, thats nearly double the square footage of the White Houses main residence). East Wing demolition, November, 2025. [Photo: Andrew Leyden/Getty Images] Trumps ostentatious vision for the White House feels alarmingly similar to the ethos behind Americas suburban monstrosity, the McMansion: Maximizing for square footage by adding a hodge podge of extensions, additions, and flourishes, with no actual regard for architectural sensibility. Heres everything we know so far about his latest plans. A new “Upper West Wing” The most eyebrow-raising aspect of Trumps latest scheme is to construct what he calls an Upper West Wing: an entire additional level on top of the existing colonnade that connects the West Wing to the White House residence. In an interview with The New York Times on January 7, Trump said this concept was currently in design phases, and proposed that it could serve as first ladies offices for future first ladiesan ironic proposition, given that he just destroyed the East Wing, which historically served that very purpose. Baranes added a bit more context to this proposal at a public meeting of the National Capital Planning Commission on January 8. He told attendees that the West Wing addition will serve to restore a sense of symmetry to the White House after the East Wing renovation is complete by ensuring that both wings of the building stand at the same height. He did not provide any specific timetable for this new project. Many experts have pointed out that the 90,000-square-foot East Wing addition will dwarf the rest of the White House by comparisonin fact, that concern is reportedly one main reason that Trump cut ties with the ballrooms original architect, McCrery Architects, back in December. It seems unlikely that simply slapping more architectural mass onto the White House will offer an elegant solution to this problem. New details about the East Wing ballroom At the commission meeting, Baranes also offered a bit more insight into the future of the new East Wingan addition that Trump has repeatedly demanded be made both bigger and more costly, according to multiple reports. Architect Shalom Baranes shows elevation drawings for a new $400 million White House ballroom to members of the National Capital Planning Commission on January 08, 2026 in Washington, DC. [Photo: Chip Somodevilla/Getty Images] Baranes told commissioners that the entire East Wing project will encompass 90,000 total square feet, 22,000 of which will be taken up by the ballroom. The ballroom is set to feature towering, 40-foot ceilings, with enough seating to accommodate up to 1,000 seated guests. He added that it will be attached to the White Houses East Room via a two-story colonnade, hence the idea that an added story to the West Wings colonnade might help to even things out. In his interview with The New York Times, Trump also added a bit more color to his ballroom concept, explaining that he sees the space as a secure site to hold a future inauguration, complete with four to five inch thick bulletproof glass. Its being designed very much with the inauguration in mind, he said. Itll be able to hold six times what the Capitol can hold, and its all bulletproof glass, drone-proof roof, yeah, serious. The biggest drone could crash into ityoud hear a noise up there. It wouldnt be bad. Other plans Trumps apparent concern with the White Houses security from outside threats was echoed in his plans for Lafayette Park, located just north of the White House. He told The New York Times that he plans to tear up the park’s brick walkways and replace them with granite, in part due to fears that protestors could use the paths bricks as weapons. Unlike the ballroom, whose current estimated cost of $400 million is being bankrolled by a hefty list of corporate donors, Trump claimed the park renovation would be self-funded. Im spending my own money and Im going to redo it, he said of the project’s estimated $10 million price ag.
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Run a small business and you probably feel like you make dozens of decisions every day. Whether to cut a quality corner, or miss a ship date. Whether to respond to a customer complaint, or hope the problem goes away. Whether to address an employees behavior, or kick that can down the road. Then there are all the personal decisions. Whether to get up and going, or hit the snooze button. Whether to ditch the food you packed, or go out for lunch instead. Whether to keep grinding, or work out. None of those are actually decisions, though, since you already know you should do so. Nearly everything you decide already has an answer. Quality problem? Fix it. Customer complaint? Respond. Underperforming employee? Address the behavior now; a performance issue takes care of itself. The same is true for personal decisions. The nine minutes of sleep you get after hitting the snooze button isnt restorative sleep; youre better off setting your alarm for nine minutes later. (Or going to bed earlier.) The food you packed isor should bean integral part of your healthy lifestyle; going out for lunch when you didnt plan to is almost never better for you. Work out? Exercise can be your physical (and mental) competitive advantage. Thats the beauty of processes and routines. Rules arent restrictive. Rules are liberating, because rules free you up from having to make decisions. Over time, those actions become habits. Then you definitely dont need to make a decision, because habits are effortless. (In both good and bad ways, obviously.) Instead of wasting mental energy and willpower on choosing, all you have to do is act. As Jeff Bezos says, you dont get paid to make thousands of decisions every day. You get paid to make a small number of high-quality decisions. As Bezos wrote in Fast Company: You need to be thinking two or three years in advance, and if you are, then why do I need to make a hundred decisions today? If I make three good decisions a day, thats enough, and they should just be as high quality as I can make them. Warren Buffett says hes good if he makes three good decisions a year, and I really believe that. Clearly, theres a huge difference between making three good decisions per day, and three good decisions per year. Yet that difference is also easy to explain. Launching a startup, like starting anything from a relatively blank slate, requires making seemingly countless decisions. Infrastructure, branding, pricing strategies, marketing strategies . . . everything is up in the air. Its impossible to work in the future when you havent figured out the present. But once youve made a decision, you no longer have to decide. Barring evidence that decision was wrong and needs to be revisited, all you have to do is act. With time, the number of decisions you need to make every day should rapidly decline. Which means you can focus all that mental energy on making strategic rather than tactical decisions. You can focus on making decisions that set the course for the next months, or even years. To launch a new product line, or not. To open a new location, or not. To take your lifehealth, education, relationships, etc.in new directions, or not. Making fewer decisions (better yet, constantly revisiting fewer decisions) frees you up to think about the things that will make the biggest difference in your professional and personal life. Think of it that way, and you really dont need to make more than three good decisions a year. Especially if those decisions help you become the person you want to be, and to build the life you really want to live. Jeff Haden This article originally appeared on Fast Companys sister publication, Inc. Inc. is the voice of the American entrepreneur. We inspire, inform, and document the most fascinating people in business: the risk-takers, the innovators, and the ultra-driven go-getters that represent the most dynamic force in the American economy.
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Want more housing market stories from Lance Lamberts ResiClub in your inbox? Subscribe to the ResiClub newsletter. On Thursday, President Donald Trump announced that government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac will buy an additional $200 billion in mortgage bonds. Trump wrote: Because I chose not to sell Fannie Mae and Freddie Mac in my first term, a truly great decision and against the advice of the experts, it is now worth many times that amountan absolute fortuneand has $200 billion in cash. Because of this, I am instructing my representatives to buy $200 billion in mortgage bonds. This will drive mortgage rates down, monthly payments down, and make the cost of owning a home more affordable. Long-term yieldslike the 10-year Treasury yield and the average 30-year fixed mortgage rateare set by demand / lack of demand for the underlying bond. Yields move inversely to bond prices. If demand for long-term bonds rises, prices go up and yields/mortgage rates fall. If bond demand falls, bond prices drop and yields/mortgage rates rise. For example, when the Federal Reserve engages in quantitative easing, as it did during the pandemic, it buys long-term assets like Treasuries and mortgage-backed securities (MBS), increasing bond demand and pushing bond prices up and long-term yields down, including mortgage rates. The Feds MBS purchases put additional downward pressure on mortgage rates in 2020 and 2021. Conversely, during quantitative tightening since 2022, the Fed has been letting MBS assets roll off its balance sheet without replacing themeffectively removing a major MBS buyer from the marketwhich can put additional upward pressure on 30-year fixed mortgage rates. Effectively, Trump is proposing to use Fannie Mae and Freddie Macboth in government conservatorshipto absorb a larger share of mortgage bonds, increasing relative market demand for MBS. That could put some short-term upward pressure on MBS prices and downward pressure on mortgage rates, further reducing the mortgage spread. Around the same time the Federal Reserve began raising short-term rates and stopped buying long-term bonds in the spring of 2022, financial markets started pulling back from bonds, causing long-term yieldsincluding mortgage ratesto surge. Only, without the Fed buying MBS, the 30-year fixed average mortgage rates saw a bigger jump than the 10-year Treasury yield. At its peak in June 2023, the mortgage spreadthe difference between the 10-year Treasury yield and the average 30-year fixed mortgage ratehit 2.96 percentage points (296 bps). That was far above the 1.76 percentage point (176 bps) historical average since 1972. Over the past 2 years, the mortgage spread has slowly compressedhitting 2.05 percentage points (205 bps) in December 2025. The goal of Trumps announcement on Thursday (i.e., Fannie Mae and Freddie Mac buying an additional $200 billion in mortgage bonds) is to accelerate that mortgage spread compression. As reported by Bloomberg in December, Fannie Mae and Freddie Mac have already started to accelerate their retained mortgage holdingswith them climbing around $69 billion in the second half of 2025. According to John Burns Research and Consulting, if Fannie Mae and Freddie Mac were to add another $200 billion in mortgage bond holdings in 2026, it would put the GSEs pretty close to their $450 billion legal limit ($225 billion each). On Thursday, Alex Thomas, research manager at JBREC, tweeted: Fannie [Mae] and Freddie [Mac] have already added ~$70B to their retained mortgage portfolios since May of last year. Adding another $200B would basically put the GSEs at their legal cap ($225B each). Following Trumps Thursday post, there was some immediate MBS pricing movement. That said, its unclear exactly just how much impact an additional $200 billion in GSE retained mortgage bonds ould have on the mortgage spread and the average 30-year fixed mortgage rate. Through the end of June 2025, there is $9.26 trillion in agency mortgage-backed securities (MBS), according to data the Urban Institute recently provided to ResiClub. Below is the breakdown: > $3.00 trillion held by depositories (banks) > $2.74 trillion held everyone else > $2.14 trillion held by the Federal Reserve > $1.33 trillion held by foreign buyers > $0.06 trillion held by GSEs (Fannie Mae and Freddie Mac) The chart below is the same as the one above, but it shows MBS holders by distribution. Prior to the Great Financial Crisis, the GSEs (Fannie Mae and Freddie Mac) used to be much bigger buyers of mortgage-backed securities. In an Urban Institute report published in January 2026, Laurie Goodman and Jim Parrott explain what happened: For years, Fannie Mae and Freddie Mac were the buyers of last resort in the market, stepping in to profit from widening spreads and, in doing so, putting a comforting outer bound on MBS volatility. Once they went into conservatorship, the government-sponsored enterprises (GSEs) were replaced in that role by the Federal Reserve, which stepped into the agency MBS market to calm much larger swings in the economy. All of this went unnoticed outside of the MBS market until recently, when the Federal Reserve finally ended its time in the stabilizing role, leaving the MBS market without a buyer of last resort for the first time in decades. The GSEs gave up their role as market stabilizer when they went into conservatorship and began reducing their portfolio under the terms of their bailout by the Treasury. The Federal Reserve then promptly stepped into the role. As part of its broader effort to shore up the market in the wake of the financial crisis, the Federal Reserve bought $1.25 trillion in agency MBS between January 2009 and March 2010 and bought another $823 billion between 2012 and 2014. Largely because of that aggressive posture, along with the bailout of the GSEs, the MBS market and mortgage liquidity generally remained stable through the depths of the crisis, a remarkable feat given the level of dislocation in the rest of the economy. The Federal Reserve was then well positioned to handle the next major disruption in the MBS market, when financial markets seized up in the early days of the COVID-19 pandemic. In February and early March 2020, the financial markets froze, and investors were forced to sell their agency MBS to build cash reserves, pushing mortgage spreads wider by 75 basis points. The Federal Reserve stepped in in March, committing to buying agency MBS and Treasury securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial markets and the economy. 1 True to its word, the Federal Reserve, over the next month, bought more MBS than the entire gross production of the securities, stabilizing spreads and, with them, mortgages rates. Spreads ultimately settled a bit higher than they had been before the pandemic, but that was attributable to volatility in fixed income and a refinance wave triggered by the drop in Treasury rates. The Federal Reserve relinquished its role as the stabilizer of the agency MBS market when it pivoted to quantitative tightening in March 2022, ending its purchases of MBS and committing to running off its MBS portfolio. With the GSEs still operating under the portfolio constraints imposed in conservatorship, that left the market without a stabilizer for the first time in recent history.
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