Core Insights - Federal Reserve Chairman Jerome Powell indicated that the asset balance sheet reduction plan may conclude in the coming months due to the recent strengthening of overnight financing rates, prompting a reassessment of the progress of Quantitative Tightening (QT) [1] - Powell warned that if Congress were to eliminate the Interest on Reserves (IOR) mechanism, the Federal Reserve could lose effective control over short-term interest rates, potentially leading to a forced large-scale sale of Treasury bonds or mortgage-backed securities (MBS), which could threaten market stability [1] Group 1 - The asset balance sheet reduction plan may end soon due to rising overnight financing rates [1] - The Federal Reserve is reassessing the progress of Quantitative Tightening (QT) [1] Group 2 - Powell cautioned about the risks of Congress removing the Interest on Reserves (IOR) mechanism [1] - Loss of control over short-term interest rates could lead to significant market instability [1]

Core Viewpoint - The MBS market has been experiencing continuous changes since 2025, influenced by multiple factors such as the Federal Reserve's monetary policy, high interest rate environment, and the evolving structure of regional markets. Understanding the dynamics of the Agency RMBS market is crucial for identifying pressures and opportunities in demand and refinancing activities [1]. Group 1: Event Background - The MBS market is affected by the Federal Reserve's monetary policy and high interest rates, leading to a need for understanding the dynamics of Agency RMBS [1]. - The upcoming webinar hosted by LSEG Yield Book will cover key policy changes, trends in issuance and prepayment, and the outlook for the MBS market [1]. Group 2: Event Information - The event is scheduled for September 4, 2025, from 10:00 AM to 11:00 AM, and will be held online via Tencent [2]. - The agenda includes presentations on mortgage market dynamics, MBS trading practices, and an overview of prepayment models [2]. Group 3: Speakers - Hui Ding, the head of RMBS research and modeling at LSEG, has nearly 20 years of experience in the securitization industry [6]. - Helen Zhang, responsible for research model development at LSEG, has a background in technology and finance, particularly in securitized products [7]. - Irene Shi, a senior RMBS researcher at LSEG, focuses on prepayment modeling and mortgage data analysis [8]. Group 4: Yield Book Overview - Yield Book has been a reliable source for fixed income analysis for 35 years, offering extensive features for in-depth security and portfolio analysis [10]. - The platform utilizes advanced cloud architecture and data science to provide unique analytical insights and opportunities for differentiation [14]. - Yield Book's solutions cover a wide range of asset classes and are supported by top-tier expertise in global financial markets [20].

Core Viewpoint - The Federal Reserve Chairman Powell expressed uncertainty regarding the impact of reducing the mortgage-backed securities (MBS) holdings from the balance sheet on housing market costs [1] Group 1 - The Federal Reserve is considering the reduction of MBS holdings as part of its monetary policy adjustments [1] - Powell's comments highlight a lack of clarity on how this reduction will affect mortgage rates and housing affordability [1] - The housing market remains a critical area of focus for the Federal Reserve amid ongoing economic adjustments [1]