The Fed raised interest rates to 75 basis points!
They're going to look and see if inflation peaked.
The PCE is a really big indicator. PCE and CPI are core readings of inflation figures of what consumers pay.
The Fed got rid of $20 billion of mortgage-backed securities off their balance sheet.
They own something like $2.7 trillion just in mortgage-backed securities. $20 billion in a week and they're supposed to do something like $95 billion a month of quantitative tightening between treasuries and mortgage-backed securities.
That is tightening liquidity in the system and margin compression could be even worse for us in the mortgage industry.