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The End of Quantitative Easing and Its Impact on the Market

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"By now, most investors are aware of the fact that as of March 31st, the Fed wound down its purchase program of mortgage backed securities (MBS)," BIG says. "With the end of the program, one widely held opinion was that interest rates on US Treasuries as well as the spreads between MBS and Treasuries would rise." True enough. That was conventional wisdom. "[T]he reality is that in the month or so that has elapsed since the Fed exited the market, spreads on MBS as well as interest rates on US Treasuries have actually showed slight declines."