Cherry Hill Mortgage Investment Corporation (NYSE:CHMI) Q4 2025 Earnings call February 25, 2026 05:00 PM ET Company ParticipantsApeksha Patel - CFOEmma Little - Senior Associate of Investor RelationsJay Lown - President and CEOJulian Evans - Chief Investment OfficerMikhail Goberman - VP of Equity ResearchConference Call ParticipantsTimothy D'Agostino - Research AnalystOperatorThank you for standing by, and welcome to Cherry Hill Mortgage Investment Corporation's fourth quarter, 2025 earnings conference call ...

Treasury yields traded slightly higher, with the curve steepening modestly in Asian trade. ...

ARMOUR Residential REIT, Inc. Q4 2025 Earnings Call Summary - Moby Strategic Performance and Market Dynamics Performance in Q4 was driven by significant MBS spread tightening of approximately 22 basis points, reduced market volatility, and a lower interest rate environment. The portfolio grew during the quarter as the company added over $3 billion of MBS pools and DUS, while maintaining a balanced leverage posture of 7.9 turns. Management attributes the supportive market backdrop to the Federal Rese ...

Banks have been on a good run in recent months, surging as investors took chips off the table in the red-hot tech and artificial intelligence (AI) sector and rotated into other unloved sectors like financials. However, there has been a divergence this year. Small- and mid-cap bank stocks have outperformed large bank stocks, which had previously been outperforming the sector. That can be seen in the iShares U.S. Financials ETF (NYSEMKT: IYF), an exchange-traded fund that holds stock in many of the largest ...

Core Insights - Deposit account rates are declining, but competitive returns on certificates of deposit (CDs) can still be locked in, with the best CDs offering rates above 4% [1] Group 1: Current CD Rates - The best short-term CDs (six to 12 months) currently offer rates around 4% to 4.5% APY, with Marcus by Goldman Sachs offering the highest rate of 4% APY on its 1-year CD [2] - Historical trends show that average one-year CD rates fell to around 1% APY by 2009, with five-year CDs at less than 2% APY following the 2008 financial crisis [2] - By 2013, average rates on 6-month CDs dropped to about 0.1% APY, while 5-year CDs returned an average of 0.8% APY due to the Federal Reserve's policies [3] Group 2: Historical Context - Between 2015 and 2018, the Federal Reserve's gradual rate increases led to a slight improvement in CD rates, marking the end of nearly a decade of ultra-low rates [4] - The COVID-19 pandemic prompted emergency rate cuts by the Fed, causing CD rates to fall to new record lows [4] - Following the pandemic, the Fed hiked rates 11 times between March 2022 and July 2023, resulting in higher APYs on savings products, including CDs [5] Group 3: Future Trends - As of September 2024, the Fed began cutting the federal funds rate, leading to a steady decline in CD rates from their peak, although they remain high by historical standards [6] - Traditionally, longer-term CDs offered higher interest rates, but currently, the highest average CD rate is for a 12-month term, indicating a flattening or inversion of the yield curve [6][7] Group 4: Choosing the Best CD - When selecting a CD, factors such as goals, type of financial institution, account terms, and inflation should be considered [8] - Rates can vary significantly among financial institutions, with online banks often offering higher rates due to lower overhead costs [8] - Understanding the terms of the CD, including maturity date and withdrawal penalties, is crucial for maximizing returns [8]

WE ARE DIVING DEEPER INTO THE STORIES THAT MATTER. WITH SHARP ANALYSIS. BONDS GAME AND EQUITIES HOLD STEADY.REINFORCING EXPECTATIONS THAT THE FED WILL CUTS -- CUT FURTHER THIS YEAR. THE CHINESE PRESIDENT STRESSES STABILITY IN HIS LUNAR MESSAGE. IN INDIA, THE CENTRAL BANK TIGHTENS RULES IN ITS LATEST MOVE TO CURB A SPECULATIVE MARKET ACTIVITY.AND MORE FROM THE MUNICH SECURITY CONFERENCE. ♪ LET'S TAKE A LOOK AT WHERE MARKETS ARE AT. A BIT OF A MIXED BAG AT THE MOMENT.THE HANG SENG TECH INDEX IS OFF. WE ARE LO ...

Group 1: Japan's Economic Context - The yen has strengthened since the election, currently trading at 153, indicating a shift in market sentiment [1] - There is a narrative suggesting a turning point for Japan's economy, with a pro-growth outlook and certainty in policy implementation, leading to a belief that the yen is undervalued [2] - Despite the positive sentiment, fundamental bearish reasons for the yen remain, including slow economic growth and a large debt burden with negative real yields [4] Group 2: Dollar Dynamics - The dollar's reaction to strong payroll numbers was less pronounced than expected, indicating a complex relationship between economic data and currency movements [6] - The market is structurally overexposed to the dollar, which is expected to trend downwards over the coming years, with opportunities to offload during spikes [7] - Weak economic data could justify rate cuts, further weakening the dollar, while strong data may not provide relief due to poor monetary policy [8] Group 3: Market Sentiment and Equity Outlook - There is a sense of anxiety in the market, particularly regarding potential shocks in equity due to ongoing portfolio damage and wealth concerns [10] - The impact of AI on job recovery is viewed as slower than some predictions, suggesting a longer timeline for significant changes in the job market [11]

Core Insights - Deposit account rates are declining, but competitive returns on certificates of deposit (CDs) can still be locked in, with the best CDs offering rates above 4% [1] Group 1: Current CD Rates - The best short-term CDs (six to 12 months) currently offer rates around 4% APY, with Marcus by Goldman Sachs and Sallie Mae providing the highest rates at 4% APY for their respective CDs [2] - CD rates are significantly higher than traditional savings accounts, indicating a favorable environment for investors seeking fixed returns [2] Group 2: Historical Context - CD rates were relatively high in the early 2000s but began to decline due to economic slowdowns and Federal Reserve rate cuts, reaching around 1% APY for one-year CDs by 2009 [3] - The trend of falling CD rates continued into the 2010s, with average rates dropping to about 0.1% APY for 6-month CDs by 2013 due to the Fed's near-zero benchmark interest rate policy [4] - A slight recovery in CD rates occurred between 2015 and 2018 as the Fed gradually increased rates, but the COVID-19 pandemic led to emergency rate cuts, causing new record lows in CD rates [5] Group 3: Recent Developments - Following the pandemic, inflation prompted the Fed to hike rates 11 times between March 2022 and July 2023, resulting in higher APYs on savings products, including CDs [6] - As of September 2024, the Fed began cutting the federal funds rate, leading to a steady decline in CD rates from their peak, although they remain high by historical standards [7] Group 4: Understanding CD Rates - Traditionally, longer-term CDs offered higher interest rates, but the current highest average CD rate is for a 12-month term, indicating a flattening or inversion of the yield curve, which can occur in uncertain economic conditions [8] - When selecting a CD, factors such as investment goals, type of financial institution, account terms, and inflation considerations are crucial for maximizing returns [9]

Market Overview - The S&P 500 is reaching record highs despite patchy performance from the "magnificent seven" stocks, indicating a broadening market participation [1] - Fourth quarter earnings reports have been stellar, with more companies beating estimates compared to the first three quarters of the year [2][3] - The New York Fed's probability recession indicator has been elevated since the Fed began raising rates in 2022, but the steepening yield curve is reducing recession probabilities, which historically leads to outperformance in equities [3][4] Company Performance - Large companies are experiencing strong revenues and earnings, but increased capital expenditures (CapEx) are putting pressure on their margins, raising concerns about the cap-weighted S&P 500 compared to equal-weight indices [5] - The market is currently in a late cycle phase, which is not necessarily indicative of an impending end to the cycle, as it can lead to speculative behavior [6][7] - High earnings estimates and GDP outlooks are prevalent, but this combination can lead to potential disappointments, consistent with late cycle characteristics [9][10] Investment Opportunities - Financials and industrials are highlighted as sectors with good earnings potential, presenting opportunities for investment as the market rotates into defensive sectors [12] - The shift in large companies' strategies, including significant CapEx and leveraging in bond markets, is changing the investment landscape [11][12] - Companies that are performing well and beating earnings expectations with reasonable multiples are seen as safer investments, even amidst market volatility [14][15]

A key part of the US yield curve is near its steepest level in four years as investors look to the Treasury’s quarterly bond sale plans later Wednesday for clues on future government issuance. https://t.co/j6zwcuZu3a ...