Mortgage REITs welcome Fed's caution on rate hikes

• Fed Funds futures markets are pricing in just a 50% chance of a rate hike in 2016 after the FOMC stayed on hold in June and cut its expectations for future moves higher in interest rates.
• The mREITs (REM +0.7%) are up just modestly, but all higher now than they were prior to the FOMC news.
• Annaly Capital (NLY +0.6%), American Capital Agency (AGNC +0.9%), Armour (ARR +1.4%), CYS Investments (CYS +1%), New York Mortgage (NYMT +1.4%), Capstead Mortgage (CMO +1.1%).
• ETFs: MORL, REM, MORT