Thomas Urano thinks the Fed needs to signal their focus on labor market weakness by cutting rates, but doesn’t think it should cut by 50 points, or even cut several months in a row. He also discusses mortgage trends and housing affordability and explains what mortgage-backed security trends can indicate about the economy. As far as fixed income, he thinks that investors should be looking at the “belly of the curve”: 3, 5, or 7-year bonds.