IT HAS BEGUN. Last night, President Trump said he’s directing Fannie Mae & Freddie Mac to buy $200 BILLION in mortgage bonds/MBS to help bring mortgage rates down. Big difference vs 2020–2021: this isn’t the Fed doing QE — it’s the housing agencies using their resources (details still developing). And today we also got a weaker-than-expected jobs report (50k jobs vs 60k expected), which can support lower rates if it keeps pressure off inflation and keeps rate-cut expectations alive. Rates improv