1. AGNC reported slightly weaker than expected Q2'24 results, but its spread profile is improving due to growing interest income. 2. Inflation is moderating, and the Fed is nearing its 'pivot point', which could benefit AGNC's mortgage-backed securities portfolio. 3. Shares now trade at a 17% premium to the REIT's longer term (3-year) price-to-book ratio, suggesting a hold rating is appropriate for now.