Clayton Triick covers the latest FOMC minutes, noting that dissent is “not too far apart” from what the market anticipated. He thinks the Fed will continue to move towards 3% in 2026, which is “very supportive” for markets. Focusing on fixed income, he thinks active bonds will outperform and securitized credit is attractive. He thinks the housing market is stable and lays out his case for the 2026 mortgage market.