PIMCO建议美联储暂停缩减MBS持仓以提振住房市场

Core Viewpoint - PIMCO suggests that the Federal Reserve should consider halting the reduction of its mortgage-backed securities (MBS) holdings to support the U.S. housing market [1] Group 1: Federal Reserve Actions - Since the beginning of the interest rate hike cycle in 2022, the Federal Reserve has been gradually reducing its MBS holdings through quantitative tightening (QT) [1] - The Fed has allowed the principal and interest payments from MBS to mature without reinvesting the proceeds [1] Group 2: Impact on Mortgage Market - PIMCO reports that the continuous reduction of MBS holdings over the past three years has led to an "abnormally wide" mortgage spread, which is the difference between Treasury yields and mortgage rates [1] - As of last Friday, this spread was approximately 230 basis points, nearing historical highs [1] - This situation has contributed to an increase in the average rate for the most common 30-year fixed-rate mortgage, which currently stands at 6.35% [1] Group 3: Proposed Solutions - PIMCO's Chief Investment Officer, Mark Sedna, and others argue that reinvesting the principal and interest payments from MBS could have a similar or even better effect on lowering mortgage rates compared to rate cuts [1]