In short: The benchmark MBB is measured against: MBB beat it by about 1.2 percentage points a year over the past three years (FactSet). Treasurys are described as "under pressure" with the Fed poised to tighten — the reason the article sees little near-term prospect of rates falling.
GOVT is a plain fund of U.S. Treasury bonds, and here it is the yardstick: the mortgage-bond fund beat it by about 1.2 percentage points a year over three years. Treasurys carry none of the early-repayment problem mortgage bonds have, which is exactly why they pay less. The article notes Treasurys are under pressure right now with the Federal Reserve leaning toward raising rates — so, for the moment, it sees little chance of the falling-rate scenario that would trigger a refinancing wave.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.